• Three cheers for Thuli

    Where are South Africa’s men and women of honour, asks Mandi Smallhorne.

  • Structure your pension

    An expert explains the ins and outs of different types of retirement annuities.

  • Inside Labour

    Without radical policy change SA's social fabric will continue to fray, says Terry Bell.

Data provided by iNet BFA
Loading...
See More

ANC rejects nationalisation

Dec 19 2012 12:55 Reuters
Mangaung conference

(Picture: Sapa)

Related Articles

ANC raises R1.5bn in 5 years

Zuma: ANC will steer economy boldly

Zuma: SA not falling apart

Dlamini: Mangaung critical for economy

Radebe: Mangaung to impact economy

Investor relief as Ramaphosa steps forward

 

Bloemfontein - The ANC has rejected calls to nationalise the country's mines, but supports a windfall "resource rent" tax on mining firms, according to a draft policy document seen by Reuters on Wednesday. 

"The state must capture an equitable share of mineral resource rents and deploy them in the interests of long-term economic growth, development and transformation," the draft of party's economic policies said. 

The "resource rental tax" is effectively a windfall levy of 50% that will kick in after investors have made a "reasonable return". As such, it is meant to leave marginal or junior operations unaffected.

The ANC also recommended increasing "the supply of coal at competitive prices with the aim of containing energy costs" but did not provide any details of how to achieve that end.

At a five-yearly conference in Bloemfontein, the party has been at pains to strike a business-friendly note after strident calls this year for radical policy shifts to help solve South Africa's myriad social problems.

The election of millionaire businessman Cyril Ramaphosa as ANC deputy president has been interpreted as favourable to investment and the economy, particularly if Ramaphosa is able to push through plans to boost long-term growth.

The ANC also said monetary policy should stick to its current inflation-targeting regime, squashing calls from the party's union and communist party allies to broaden the central bank's mandate to include jobs and growth.

The party also said the government should consider tax breaks for employers to hire young job-seekers to tackle the chronic unemployment that is fuelling unrest among the millions of blacks who have seen little improvement in their lives since the end of apartheid in 1994.

 

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

anc  |  mangaung 2012  |  mining tax  |  mining  |  nationalisation
NEXT ON FIN24X

 
 
 

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
45 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

“Hippie sense makes business sense,” an entrepreneur said, adding that "purpose" was core to success.
 

Money Clinic

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