Government will be announcing a number of reforms that are going to be taken on State-Owned Entities (SOEs) at the Mid Term Budget in October.
Deputy Finance Minister David Masondo says the country is facing serious expenditure challenges that need to be curbed.
Moving forward, together. @DrDavidMasondo @EdKieswetter #TaxIndaba2019 #SARS pic.twitter.com/eaevYxuZ2o
— TaxIndabaSA (@taxindabasa) August 26, 2019
He says they have been recapitalising SOE’s and taxpayers are starting to ask questions.
.@TreasuryRSA Deputy Finance Minister, @DrDavidMasondo shared the thoughts regarding the future prospects from the National Treasury. #TaxIndaba2019 #WWTaxIndaba2019 pic.twitter.com/QV4vGFaxrG
— Webber Wentzel (@webberwentzel) August 26, 2019
He was speaking to delegates at the Tax Indaba 2019 conference, taking place in Sandton.
“We will be tabling the budget adjustments in October, that will show different measures that we are undertaking in curbing the increasing expenditure and it will also be looking at how we sort out the SOE’s because they have become a serious fiscal drain and there are a number of reforms that are going to be taken as far as these SEOs are concerned. We have already appointed a CR who will be undertaking restructuring at Eskom.”
Earlier SARS commissioner Edward Kieswetter warned that constant bailouts to SOE’s have put pressure on the country’s fiscus.
SARS Commissioner Edward Kieswetter delivering his keynote address. Now touching on SA’s role as a sovereign state. #WebberWentzel #TaxIndaba2019 pic.twitter.com/A3bIvg9aIy
— Wesley Grimm (@GuessWez22) August 26, 2019
He says this could force the country to seek help from the IMF.
He warned that if SARS fails, then democracy fails.
The commissioner says there is cleaning up at SARS and various investigations are taking place with law enforcement agencies.
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