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THE Davis Tax Committee, established by National Treasury to look into domestic tax issues, solicited work from the World Bank – work which has preoccupied the imagination of many since its publication a few weeks ago.
The bank was tasked to investigate the effectiveness and efficiency of investment tax incentives granted to South African firms and it delivered haunting recommendations.
Of particular interest was its proposal that South Africa should consider giving tax incentives to companies to revive investment by the private sector. This should be done, the World Bank report opined, with a specific focus on the manufacturing sector, which has seen sharp declines in both investment and contribution to gross domestic product (GDP).
