Chairperson, similar to the Taxation Administration Bill, these two Bills contribute to the effective and justified collection and distribution of tax revenue. These Bills impact on every single registered taxpayer in South Africa, whether a natural person or not. It is therefore very important to determine and to monitor on a continuous basis whether the consequences will actually support economic development and job creation. We must keep in mind that increased tax collection should also be a product of an increased tax base and not just higher tax collection from existing taxpayers.
Voorsitter, die verandering van Suid-Afrika se kredietgradering deur graderingsagentskappe soos Moody's het 'n wesenlike effek op die handjievol belastingbetalers van Suid-Afrika. Die verandering van die Suid-Afrikaanse regering se kredietgradering van stabiel tot negatief kan en moet ten volle voor die deur van die ANC-regering gel word. Dit is as gevolg van faktore waaroor die ANC-regering volle beheer behoort te h. Ongeag of die regering daarmee saamstem of nie, die persepsie van beleggers word hierdeur negatief benvloed en die hor risikosentiment word verdiskonteer in hor kostes om geld te bekom en om besigheid te doen.
Die handjievol belastingbetalers is die grootste verloorders, want die gevolglike hor koste kan mos net deur hulle gefinansier word, veral as daar nie alternatiewe werkbare ekonomiese groeistimulante bestaan nie.
Die ondeurdagte en ongerepudieerde uitsprake deur Cosatu en die ANC- jeugliga oor nasionalisering, 'n onwerkbare grondhervormingsbeleid, asook die subjektiewe en ondeurdagte inmenging deur die regering in die werk van ons mededingingsowerhede in die Walmart-Massmart-samesmelting, staan sentraal tot hierdie negatiewe sentimente wat in die beleggerswreld ontstaan het, en dit het verseker 'n direkte impak op die hoeveelheid direkte buitelandse kapitaalinvesterings wat na Suid-Afrika vloei. (Translation of Afrikaans paragraphs follows.)
[Chairperson, the change in South Africa's credit rating by rating agencies such as Moody's has a real effect on the handful of taxpayers in South Africa. The change in the credit rating of the South African government from stable to negative can and absolutely must be laid at the door of the ANC government. This is the result of factors over which the ANC government should have full control. Irrespective of whether or not the government agrees, the perception of investors is negatively influenced by this and the higher risk sentiment is discounted in the form of higher costs for accessing money and for doing business.
This handful of taxpayers represents the greatest losers, since the consequent higher costs can of course be funded only by them, particularly where no alternative workable stimulants for economic growth exist.
The ill-considered and unrepudiated statements by Cosatu and the ANC Youth League concerning nationalisation, an unworkable land reform policy, as well as the subjective and rash meddling by government in the work of our competition authorities with regard to the Walmart-Massmart merger, stand at the centre of these negative sentiments that originated in the investment world, and this certainly has a direct impact on the number of direct foreign capital investments flowing to South Africa.]
The fiscal framework and policy should be supported by the best possible tax regime, which is focused on supporting our much-needed economic growth and development as well as exponential job creation. Vergelyk maar net die $30 miljard se buitelandse direkte beleggings wat na Angola gevloei het, teenoor slegs $10 miljard na Suid-Afrika. [Just compare the $30 billion worth of foreign direct investments that flowed to Angola with the mere $10 billion to South Africa.]
The important question must be whether especially the Tax Laws Amendment Bill will in fact facilitate the required outcomes.