Budget 2003

On 26 February Finance Minister Trevor Manuel presented the 10^th Budget since the advent of democracy in South Africa. Thanks to years of fiscal discipline, which has enabled South Africa to be a notable exception to the general global gloom, he was able to give further tax relief to the poor and middle class sectors, offer incentives to business, and at the same time allocate substantial funds for infrastructural improvement. As tobacco and luxury goods magnate Johann Rupert said in a speech at an evening presentation on the Budget, the South African Treasury and Reserve Bank are "world class", and the effects are there for all to see and reap. Amongst the beneficiaries will be thousands of individuals who spirited funds offshore in contravention of exchange regulations over the past three decades, who will now be able to disclose them without penalty, but with a small charge. A major change for global operators, discussed in more detail below, is relief in respect of foreign