Business invoice to alleviate administrative formalities
This is according to the lawyer and founder of the legal case, Nonhlanhla Mtshali, who told OFM Business Hour that although the bill is still in the introduction phase and has not yet been submitted to the National Assembly for consideration, she praises it as an important piece of legislation. .
She explains how the legislation, introduced by the Democratic Alliance, aims to cut red tape that hamper the country’s struggling economy.
“For the first time in a long time, we are proposing legislation to allow entrepreneurs to better maneuver in terms of business creation,” says Mtshali. In addition, she believes the bill will help people understand the nuances of various industries.
In recent months, financial experts have expressed dissatisfaction with what they deem to be the stifling compliance requirements and regulations in the country which are holding back businesses and the country’s economic back.
It looks like the bill, reportedly proposed by the Democratic Alliance, could be the silver lining behind the dark cloud that is South Africa’s current economic landscape.
Mtshali explains that the bill takes a comprehensive look at regulations that have already been passed and seeks to see if there are any exceptions. The bill also creates an administrative unit that will help in this regard.
While the bill is seen as a step in the right direction from an investment perspective, it is still in its early stages, and only time will tell when it is passed and enacted by President Cyril Ramaphosa.