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25 OCTOBER 2017 - SA 2017/18 MEDIUM TERM BUDGET

25 October 2017   (0 Comments)
Posted by: Author: miscellaneous
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Author: miscellaneous (Taxtalk)

Carbon Tax

In Minister Gigaba’s inaugural MTBS it was announced that Cabinet has approved the release of the Carbon Tax Bill to Parliament for formal consideration and adoption. This is concerning due to the fact that in November 2016, National Treasury announced that a round of public consultation would be held whereafter a revised Carbon Tax Bill would be published for further comments and a public consultation process.

No mention is made of a planned implementation date but it is highly likely that the draft Carbon Tax Bill in its current state will be implemented in early 2018.

Sugar Tax/Health promotion levy

The sugar tax which was first announced in 2016 is proposed to come into effect on 1 April 2018

Incentives

From an incentive perspective the Minister commented that the Government remains committed to providing incentives for investment, production and employment in a way that is effective, and provides the state with value for money.

The National Treasury is working with the departments of Science and Technology and Small Business Development to establish a new fund for small business and innovation. The fund, which will be allocated R1 billion in 2019/20, will provide wholesale funding to private- and public-sector incubators, which will on-lend to entrepreneurs at the concept stage.

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