Loading...
See More

Soccer nets R1bn tax goal for SA

Aug 31 2010 11:05 Sake24 reporter

Related Articles

Fans' card spend tops R3bn

World Cup was Fifa’s best ever

World Cup 'a basis to make progress'

MTN spends R1bn on World Cup

World Cup green shoots surface

World Cup an 'economic turning point'

 
Cape Town -  More than R1bn in additional tax was collected during the 2010 FIFA World Cup, Minister of Economic Development Ebrahim Patel told parliament.

He was responding to a question from ACDP leader Reverend Kenneth Meshoe.

During the tournament tourists spent about R8bn, boosting the gross domestic product (GDP) by 0.54%.

Patel said further estimates from the Union Bank of Switzerland (UBS) indicated that the investment in World Cup infrastructure, including stadiums and public transport, produced about 300 000 job opportunities.

The UBS estimates are higher than Grant Thornton's April projections.

The latter anticipated the creation of 280 000 jobs this year as a consequence of investments in the tournament.

It is estimated that tax collections in general could from now on add R1.5bn a year to the government fiscus as a result of the tournament stimulus.

Over the long term tax collections should grow by about 0.5%, based on previous tournament countries' tax collections, said Patel.

- Sake24.com
ebrahim patel  |  2010 fifa world cup
NEXT ON FIN24X

 

Lastest Articles

Here is how to check your credit score and manage it Read More...
Top tips to save money over the festive period Read More...
These are the top 5 most fuel efficient cars in SA Read More...
What to consider when switching medical aid schemes Read More...
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...