The MTBPS is a step in the right direction, but the further structural and institutional reforms are now vital and urgent.
“The ANC government is the driver who made us all drive off the cliff and now it insists on driving the ambulance as well." - Connie Mulder
From a tax perspective it has been a hotly debated topic as to whether contract miners should be entitled to claim the accelerated capital allowances
Sub-investment grade ratings, growing public sector wage bills and shrinking tax collection were all evident before the COVID-19 crisis.
Weak business and investor confidence has resulted in gross investment being a low 17.9% of GDP, which is simply not high enough.
“Mining is a critical driver of economic growth, transformation and development across many communities in South Africa," Mark Cutifani.
The Minerals Council believes Finance Minister Tito Mboweni has taken several important steps to begin to address South Africa’s economic crisis.
While there was little mention of mining, the medium-term budget speech anticipates little to no growth in the mining sector of South Africa.
The South African Minister of Finance, Tito Mboweni, has touched on the importance of attracting skilled people to South Africa in order to support growth.
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