Gigaba: Government must stick to budget ceiling
Finance Minister Malusi Gigaba says South Africa is one of the largest tax-paying nations in the world.
He was speaking at Masisebenze Secondary School in Tembisa, where he announced the date on which he will deliver the all-important Medium Term Budget Policy statement (MTBPS).
"South Africa is lucky because at least 26% or more South Africans pay tax. More South Africans pay tax in proportion to our population, compared to Americans. Many countries even ask us how we get it right," says Gigaba.
He says South Africans finance their own budget.
"We are also lucky because our budget is not made up of donor funds and grants. We don't rely on the goodness of others. Because nobody is kind with their money without wanting something in return. In the world of politics there is something you will pay back in return, whether through votes at the UN, they will want something from you and remind you of that."
He says government must not spend more money than it has.
"We will outline the budget ceiling. Which means even the portion of money in our budget that will be paid for by debt. We must ensure the debt is manageable so we don't impose a burden on future generations. We don't want young people to pay for our debt," says Gigaba.
The MTBPS will be delivered on the 25th of October.