Essay Writing Competition
Nedbank, Provincial Treasury & the Western Cape Education Department present a Bursary Competition for Grade 11 students who plan to pursue careers in maths, economics & accounting.
What can I win?
Winners of the Competition are awarded a cash amount and the opportunity to access a study bursary to pursue a three year degree/diploma in the fields of economics, finance, mathematics, accountancy and/or commerce, at one of the Universities in the Western Cape.
What do I need to do?
Essay Task Scenario:
The 2018 Budget Speech was delivered by the then Finance Minister Malusi Gigaba on Wednesday, the 21st of February 2018. The biggest news was increased VAT from 14% to 15% – the first time since 1993. One thing everyone always looks out for is the tax rates. Mr Gigaba announced a “below inflation increase” for income tax.
According to Mr Gigaba’s budget, an additional R36bn of tax will be generated this year through the adjustments to income tax and other measures. The increase in income tax alone is expected to contribute an additional R6.8bn to the national fiscus.
Personal income tax remains one of the biggest earners for government. It is estimated that income tax will bring in R505.8bn in revenue, VAT, meanwhile, will bring in R348bn and company tax R231bn.
1. Critically examine the above scenario with reference to the adjusted general sales tax VAT by:
- explaining what this tax adjustment truly means for the South African economy through analysing the implications of the tax increase;
- various views as expressed by different major political opposition parties and tax experts (including prominent South African economists) who argue for and / or against this adjustment.
2. In your conclusion, suggest recommendations as a way to drive economic growth and development especially if the argument is an against argument.
Note: The essay must:
- be well researched
- consist of a minimum of 2200 words
- conform to the required layout.
- click here to download rubric
Entries for 2019/20 competition close on 23 August 2019.
Nicolaas van Aarde
Tel: 021 483 3040