"Our biggest concern is the increased taxes on business -- capital gains tax and the corporate tax," he said after the Budget was tabled in Parliament.

"We are a bit concerned about the impact that would have during a time when liquidity is fairly tight."

Rau said two key factors influenced an enterprise's desire to invest, namely the economic outlook, which remained uncertain, and the policy environment.

"We have just come out of a very uncertain policy environment."

If 2012 could offer more certainty on policy, business might be more willing to loosen the purse strings and invest, he said.

Finance Minister Pravin Gordhan addressed two items on Sacci's wish list for small and medium businesses. The minister announced moves to ease the regulatory burden on small businesses.

This was "done reasonably well", Rau said.

The minister announced measures to ease the tax burden on small business.

"We do have reservations about the real impact of this," Rau said.

Gordhan said the tax-free threshold for small businesses would be increased to R63 556 in the coming year, while the 10 percent tax rate would be reduced to seven percent.

The threshold to which this tax rate applied would be increased to R350 000.