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SMEs and the importance of the Budget Speech. What's in store for 2015?

by , 24 February 2015
Heather Lowe, Head of Enterprise Development at FNB Business declared:

"The Budget Speech provides a good indication of what big and small business can expect from an economic and regulatory point of view. Over the years, significant regulatory amendments have been made during the Budget Speech; therefore, every small business owner should make time to familiarise with the contents of the National Budget."

According to Lowe, as business.iafrica.com quotes, Lowe believes that these are some of the key areas that SMEs should pay special attention to:

Small business should pay attention to see what changes in their favour when in comes about tax policy as for the last years, the SA government tried to implement several new processes in order to reduce the level of taxes applied for small companies and businesses.

Even the tax certificate obtaining process is an aspect that needs to be improved.

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Moreover, SMEs should be interested in understanding how the Ministry of Small Development will be funded or capitalised to meet the needs of the SME sector. More importantly, to see if there are any direct incentives for their businesses.

The National Development Plan (NDP) may have a direct impact on SMEs and when it comes to the infrastructure, any alteration influences the SMEs which, as the previously mentioned source states, depend on sub-contracting deals to stay in business.

As far as the procurement is concerned, this is considered to remain a key factor in what means the sustainability of SMEs. Several policies have been developped over the last 20 years in order to to encourage an inclusive procurement environment where SMEs are given access to the supply chain of major industries.

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