SA is Gearing Up to Support Small Businesses in 2020

SA is Gearing Up to Support Small Businesses in 2020

“International experience, especially in other developing countries, shows us that economic growth is sustained through small businesses. Many, if not most, small and medium businesses already make use of technology products in their businesses, and actually making tech their businesses,” stated President Cyril Ramaphosa in his 7 November 2019 speech during the SMME Programme of the Second South Africa Investment Conference.

We are encouraged by the South African Government’s commitment to supporting small businesses in the following ways:

  • Simplifying the tax regime for Small, Medium and Micro-Enterprises (SMME’s) by requiring annual rather than bi-annual tax returns, making grants received by SMME’s tax-exempt and enhancing the venture capital company tax regime to encourage investment in small businesses and junior mining companies.
  • Improving the legal and regulatory environment to ensure access to markets, finance, skills training, and quality infrastructure. 
  • Compliance with the 30-day payment period by Government.
  • Roll-out of small business incubation centres to provide youth-driven start-ups with financial and technical advice.
  • Establishment of a Township Entrepreneurship Fund, finalised by the Minister of Small Business Development, aiming to stimulate the township economy and create dynamic markets in high opportunity sectors. 

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