Against a backdrop of a major slowdown in household consumption expenditure, declining imports and exports and falling unemployment, which has led to a significant reduction in tax revenue, role players in the property industry, still operating in tough economic conditions, have received little further direct tax relief following the 2010 Budget.
Although very little was announced to directly stimulate the property market, the R6,5bn in tax relief for individuals would no doubt assist the ailing market. Substantial proposed spending in areas of infrastructure and rural development will be a key feature of the economic stimulus and investment by state-owned entities, and it was announced that targeted lending by development finance institutions will be increased as critical components of the economic recovery.
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