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THE SMART NEWS SOURCE | Feb 11 2012 00:19 | LAST UPDATED Feb 11 2012 00:19 |
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 The Chamber of Mines has described this year's Budget as a success in "balancing the need for a higher social wage with a need to promote a supply-side investment environment for business".
Chief executive of the Chamber of Mines, Mzolisi Diliza, said the tremendous progress made in engendering a more stable and globally competitive macroeconomic environment, reintegrating the economy into the global market place, had provided a framework for a higher and more sustained economic growth rate. "The Budget continues to build on this growth platform." Diliza expressed the chamber's support for Finance Minister Trevor Manuel's theme of a new season of hope for South Africa in the second decade of democracy. "The increase in the social wage and the focus on improving social service delivery is well complemented by the one percentage point reduction in the corporate tax rate." The focus of providing a more tax friendly environment for small business also added to this objective. Diliza said the elimination of the Regional Service Council levy from 2006 would reduce the cost of employment and lower the cost of doing business in the country. "The growth theme is further supported through tax relief to individuals and the emphasis on encouraging greater savings via the proposed higher tax free interest income thresholds." The mining industry's contribution had been affected by the impact of infrastructural constraints, administered pricing and the strong rand exchange rate.  CONTINUES BELOW "Government's focus on improving key infrastructure and dealing with administered pricing is laudable. "The industry welcomes government's specific focus on investment in key infrastructure such as the Spoornet locomotive fleet upgrade, upgrading the Coallink and Orex railway lines." The Chamber also supported the increased investment in electricity generation through Eskom, Diliza said. - Sapa TOPICS IN THIS ARTICLE
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