If South Africa was a bird, it would definitely be a phoenix. Yes, the official bird is the secretary bird, but years of state capture and maladministration suggest that the stately secretary bird is perhaps no longer a true reflection of our country.
Still struggling to fully recover from the 2007/ 2008 global economic crisis, the South African economy is now hit by Covid-19. Whether the continued lockdown is the correct strategy to fully combat the virus is for the health experts to decide. A First World solution may perhaps not be fully applicable to a country with high levels of poverty, a lack of housing as well as poor access to water and sanitation.
That is the reality, but South Africa is a phoenix and if we are to rise from these ashes, how will we do so? The answer is unfortunately not an easy one. In short, the government should make the economic environment conducive to business and not just to existing businesses, but also to encourage new start-ups.
Removing B-BBEE criteria from government contracts may also lead to procurement savings, reducing the burden of Covid-19 debt.Yes, the government has spent a lot of money on Covid-19 relief packages, and the money needs to be recouped, ultimately through taxes. The problem is, however, that the basis from where tax is collected has now been eroded, and recovery thereof should be the first priority.
Possible solutions could include that newly registered companies are exempt from tax in their first year. A newly formed company should also be able to choose whether it wants to register for VAT in its first year or not, alleviating the administrative burden start-up companies face.
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