Growing calls to extend SME lifeline ahead of Budget Speech
A group representing asset management companies is appealing to the Finance Minister to extend a certain tax incentive, that benefits small and medium-sized enterprises.
Tito Mboweni will table his 2021/ 22 budget in Parliament this afternoon.
12J Association's Dino Zuccollo says Section 12J which is set to end in June this year has helped many businesses grow.
"Section 12J is an SME focused investment incentive which the National Treasury implemented in 2009. Since then it has raised more than 10 billion and has invested 5.5 billion of this across 360 South African SME's creating an estimating ten and half thousand jobs in the process."
Zuccollo says the sector contributes more than 45% of the country’s GDP, " We believe that dedicated Section 12J investments can continue to help open the way to more inclusive growth and jobs across the country."
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Meanwhile, the Beer Association of SA is asking the Finance Minister for some tax relief.
Patricia Pillay says the COVID-19 crisis has dealt a devastating blow to the local beer industry.
"We are calling on the minister not to increase taxes for the forthcoming financial year. We need to save jobs and livelihoods but we cannot do so without any targeted relief from the government."
