A prime piece of land in Bantry Bay, once a land claim belonging to the Tramway Trust, is now under development and set to become the biggest development ever in Cape Town.
While much has been made of the proposals contained in the first interim report of the Davis Tax Committee on estate duty, particularly those related to trusts, as well as in this year’s Budget Speech, these structures remain viable and useful instruments.
Adjustments to transfer duty on property in the 2016 national Budget are to impact only the upper end of the residential property market.
Efforts are being stepped up to alleviate electricity supply constraints, with government preparing to expand the Independent Power Producer (IPP) initiative, said National Treasury.
This is according to Finance Minister Pravin Gordhan who tabled the 2016 Budget during a joint sitting of the National Council of Provinces (NCOP) and the National Assembly, in Parliament, on Wednesday.
Excerpts from The 2016 National Budget tabled in the South African Parliament by the Minister of Finance, Pravin Gordhan, on Wednesday, 24 February 2016.
Last year was a mediocre one for South Africa: the JSE ALSI ended 2015 only 5.13% up over the 12 months and GDP growth was well south of 2% for the full year.
According to Catalyst Fund Managers, the SA Listed Property Index (SAPY) recorded a negative total return (-6.12%) for the month ended 31 December 2015.
Economically, we are likely in the early stages of what I call the “stagnation” or “correction” phase of the economic super-cycle, “early” meaning perhaps 4-8 years in (depending on whether you ignore the short growth up-tick around 2010/11 and start the clock in 2008, or otherwise start counting from 2012), and the length of such super-cycle stagnation phases can conceivably roll on for far longer than that.
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