Share

Soccer nets R1bn tax goal for SA

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
We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.89
+0.3%
Rand - Pound
23.87
+0.1%
Rand - Euro
20.38
+0.2%
Rand - Aus dollar
12.32
+0.1%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent-ruolie
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders