There are new tax incentives to promote small businesses.
On The Midday Report, Ray White spoke to Neill Hobbs, founder, and CEO of Anuva Investments to find out more.
He explains how the state is incentivising taxpayers to invest directly into small and medium-size corporations by way of equity.
Any tax payer, an individual, a company or a trust, if they invest money in an approved venture capital company they get a 100% tax deduction of their investment. In other words they put in R 10 million, they will reduce their taxable income by R 10 million.— Neill Hobbs, founder and CEO of Anuva Investments
There are about 50-odd venture capital companies invested, but we have made 5 investments, all of those are doing well. They are profitable. Our underlying return on investment is 23% which is quite a nice yield. More importantly we have been able to create 200 jobs through the process of investing that capital.— Neill Hobbs, founder and CEO of Anuva Investments
Click on the link below to find out more....