Business minds discuss the future after budget speech

SHEPSTONE & Wylie Attorneys, in partnership with the South Africa Institute of Tax Professionals (SAIT), hosted a corporate insights breakfast the morning after the budget speech.

The objective of the breakfast was to provide companies with insight into what to expect both politically and financially in the coming year.

The keynote speaker was Lawson Naidoo, the co-founder of the Paternoster Group, who has over 30 years’ experience in the political, parliamentary, business and civil society sectors.

Naidoo worked at the ANC office in the UK from 1987 to 1992 as special advisor to the Speaker of Parliament. Naidoo is currently Executive Secretary of the Council for the Advancement of the South African Constitution (CASAC).

His presentation covered the inner workings of the ANC conference held at NASREC last year, the recent shift in power from Jacob Zuma to Cyril Ramaphosa and the short-, medium- and long-term challenges that President Ramaphosa will face.

‘Ramaphosa’s to do list is a long and varied one and he will have to prioritise carefully, clearly providing policy certainty and macro-economic stability while retaining social expenditure,’ said Naidoo.

‘Avoiding a further ratings downgrade is crucial and hopefully the budget has achieved that, even if it did not satisfy all constituencies.’

He also warned that although Ramaphosa has generated new belief that things will be better under his Presidency, ‘one must not expect too much too soon. He faces a long-term haul to rescue us from years of corruption and mismanagement under Jacob Zuma.’

Naidoo then handed the floor to Anton Lockem and Andrew Staude, both partners in the tax team at Shepstone & Wylie, to discuss the tax implications of the budget speech.

The good turnout of 150 delegates clearly indicated that corporate South Africa is eager to capitalise on South Africa’s new found political and economic optimism.