Budget Speech 2014: Measures to promote economic growth
Gordhan's plans to strenghthen growth and development.
In order to promote the National Development Plan’s (NDP) aim to strengthen “the virtuous cycle of growth and development”, Minister of Finance Pravin Gordhan announced various measures and plans.
Manufacturing development incentives have been allocated R10,3 billion over the next three years. This is in addition to the tax relief offered through incentive programmes. The economic competitiveness and support programme also will provide R15,2 billion to businesses to upgrade machinery and increase productivity. Special economic zones have been allocated R3,6 billion to promote value-added exports and generate jobs in economically disadvantaged parts of the country.
Furthermore Government is in the process of developing an agricultural policy action plan to support the NDP’s target of creating one million jobs in agriculture and land reform by 2030. Over R7 billion will be spent on conditional grants to provinces to support 435 000 subsistence and 54 500 smallholder farmers.
The budget has allocated R6,5 billion over three years to support small and medium enterprises. In accordance with the recommendations of the Judge Davis Tax Committee, the compliance burden on small businesses will be eased.
For the full article read this week’s edition of the Record.
