Cova disappointed about lack of incentives announced in 2019 Budget

Cova Advisory on Friday said the 2019 Budget, presented by Finance Minister Tito Mboweni on Wednesday, was “disappointing” with regard to support for manufacturing, with the manufacturing incentives budget of the Department of Trade and Industry (DTI) expected to be reduced over the next three years from R3.5-billion in 2018/19 to R2.7-billion in 2021/22. Cova indicated that most of the new initiatives announced to support business in the budget were outside of the DTI’s areas of responsibility.