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/ 22 February 2008
Although land reform, including restitution, received an additional R2,6-billion this year to reach a new high of R6,6-billion, the Department of Agriculture and Land Affairs got a dressing down from Finance Minister Trevor Manuel. At a press conference after the budget speech, Manuel questioned whether the department would be able to handle more funds.
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/ 22 February 2008
The accountants at the Treasury finally seem to have heard the desperate pleas from the Department of Defence. While the defence budget is set to increase by 6,1% in the next three years, the gradual winding down of major equipment acquisitions means slightly more is going to be left over to keep the military functional.
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/ 22 February 2008
This year’s tax relief of R7,2-billion on personal income tax was lower than those of the past two years and provides only for inflation relief rather than any real tax benefit after inflation. Changes to other taxes affecting individuals were all inflation related and offer very little real change. So what do the tax cuts mean for you?
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/ 22 February 2008
The reduction of corporate tax from 29% to 28% is a welcome relief for companies entering a far more difficult economic environment. The tax burden on corporates has been increasing since 2000, despite the nominal tax rate dropping from 30% to 29% over the same period.
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/ 22 February 2008
This budget was expected to deliver solutions that would put at bay fears of slower GDP growth because of inadequate energy resources. However, the budget proposals fell short of providing incentives that will lead to the behaviour changes needed to make South Africa more energy efficient, writes Réjane Woodroffe.
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/ 22 February 2008
The long and extraordinary political career of Fidel Castro is over — at least as far as the presidency is concerned. But his enormous influence will live on. His regular columns for Granma, the state newspaper, will continue. For Cubans and international observers alike, they will still bear close reading, writes Ignacio Ramonet.
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/ 22 February 2008
A friend in the United States who watches Barack Obama tells me that he, unusually for a politician, has Mandela-like qualities in that he acts as a unifying force, finding common ground on which to build consensus on the way forward. We could well do with someone with Mandela-like qualities now.
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/ 22 February 2008
Undoubtedly one of the budget’s highlights was the removal of exchange controls for institutional investors, all but dealing a death blow to exchange control. Under the new provisions, foreign investment will be guided by prudential investment guidelines rather than the laager mentality that has driven exchange-control legislation.
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/ 22 February 2008
The government has promised Anglo American that its mining rights will be renewed under new rules governing the industry — even as data summarised in the budget shows just how badly regulatory barriers continue to limit South Africa’s ability to cash in on the biggest commodities boom in living memory.
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/ 22 February 2008
Analysts say that Transport Minister Jeff Radebe has made all the right noises about public transport being the legacy of the 2010 World Cup and, if the budget is anything to go on, the Cabinet fully endorses his view. Trevor Manuel has allocated R6-billion to building public transport infrastructure over the next three years.