Passengers arrive from Hong Kong at Cape Town International Airport on January 29 2020. Picture: SUNDAY TIMES/ESA ALEXANDER
The SA economy has been in a deep, dark hole for several years. Before the coronavirus struck the economic forecast was woeful. The country is now firmly in an economic calamity. Many more people have lost their jobs, joining the ranks of the millions already unemployed. To assist patients in need of pharmaceutical drugs, the government should urgently repeal the single-exit price mechanism, that applies to all medicines supplied to the private healthcare sector. The single-exit price compels all manufacturers and importers to sell their products at the same price to all of their private sector customers, regardless of the size of the order. It also prohibits them from offering any discounts to private customers.
Some large businesses will be able to cope in the short run without revenue, but small and medium-sized firms will not. The government should increase the corporate tax exemption threshold for these enterprises and allow them to temporarily stop their Unemployment Insurance Fund payments to stem the jobs bloodbath and continue their operations. These are the enterprises that will, if allowed to, hire the largest percentage of the workforce in future.
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