Archive for April 1st, 2007

31/03/2007 16:10

Cape Town – South Africa has collected over R3bn more in tax than it had targeted in the 2006/2007 financial year, with total collections hitting R493bn, Finance Minister Trevor Manuel said on Saturday.

South Africa had set a target of R489.7bn for tax collections in the year, but officials have said improved administration of tax collection has boosted receipts.

Manuel told a news conference that South Africa’s government expenditure in 2006/2007 financial year was R468bn and there was a possibility of a surplus in the current financial year.

Manuel was criticised early in his term for his conservative fiscal stance, which focused on paying off the country’s debt, but in his budget in February he outlined South Africa’s first budget surplus of about 0.3% of GDP in 2006/07.

Manuel has said [continue reading]