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» 07.12.2010 - South African inflation expectations ease
» 23.04.2010 - Microsoft play ‘big brother’ in SA
» 09.04.2010 - US$3.75 billion loan for SA energy sector
» 25.03.2010 - Banks cut prime rates
» 23.03.2010 - SA's current account deficit narrows
» 17.03.2010 - Sweden to help SA develop clean energy
» 17.03.2010 - SA bank sign deal to access fingerprint data
» 27.11.2009 - AfDB loans Eskom R20 billion

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South Africa
Economy - Development | Society

SA budget seeking unity to create growth

afrol News, 17 February - South African Minister of Finance, Pravin Gordhan, has announced a tax relief of R6.5 billion to boost recovery after the country went through an economic crisis last year.

Mr Gordhan has however said the tax relief does not mean that South Africa will not need to raise its taxes in the near future, saying the country had to intensify its revenue collection to be able to meet its public spending needs.

Presenting the R907 billion budget proposal to parliament today, he also warned against tax evasion, calling on all South Africans to work together towards economic recovery and improved service delivery.

He highlighted that the 2010/11 budget was drawn against the backdrop of the need to create more jobs for the citizens, fight poverty and fast-track economic growth.

He however also warned that in order for the results to be realisable, both government and the private sector stakeholders needed to work together to fight corruption and ensure speedy delivery.

For instance, he mentioned that for all those getting government tenders, their earnings will be compared to their tax returns.

While seeking to create more jobs, the 2010/11 South African budget will also be targeted to investing in human development in areas such as education and health.

The budget speech was the first for Mr Gordhan since assuming office following the change of government in 2009 when President Jacob Zuma ascended to power.

Confessing to be more of a developmental economist, Mr Gordhan has also warned that government or its ruling party allies should avoid economic situation that may lead to disaster.

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