BUSINESS NEWS - In his budget speech yesterday, finance minister Tito Mboweni highlighted six fundamentals of this year's budget: achieving a higher rate of economic growth; increasing tax collection; reasonable, affordable expenditure; stabilising and reducing debt; restructuring state-owned enterprises; and managing the public sector wage bill.
To "fix" Sars, he announced various measures, including the appointment of a new commissioner.
He said Eskom's debt will not be taken on by government, but R25-billion will be set aside annually for its reconfiguration.
He further wants guarantee rules for state-owned enterprises to be tightened and said the "unsustainable" public wage bill will be reduced by R27-billion over the next three years. Revenues of R1,58-trillion is expected and spending of R1,83-trillion.
The expenditure and tax adjustments were designed to cover the revenue shortfall and counteract the additional allocation for Eskom, he said.
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