President Jacob Zuma of South Africa announced on February 20, 2011, that South Africa will introduce tax breaks to promote investment and expansion in manufacturing, and will set up a jobs fund to finance new employment-creation initiatives, in the amount of $ 1.3 billion!
In his third State of the Nation address to Parliament, Zuma announced $2.7billion in tax allowances, or tax breaks, to promote the manufacturing industry, which is of one of the six sectors targeted for job creation. For a project to qualify, the minimum investment must be $27 million for a new project and $ 2.7 million for expansion and upgrades. The programme would provide an allowance of up to $ 124 million in tax deductible allowances for new investors and $ 75.5-million for upgrades and expansions, he stated.
Zuma also unveiled a $ 1.2 billion jobs fund over the next three years and said that the Industrial Development Corporation had set aside about $ 1.4 billion over the next five years for investment in economic activities with a high jobs potential.
Zuma also unveiled a $ 1.2 billion jobs fund over the next three years and said that the Industrial Development Corporation had set aside about $ 1.4 billion over the next five years for investment in economic activities with a high jobs potential.
