11 November 2021 – The South African Revenue Service (SARS) welcomes the unflinching commitment made by the Minister of Finance, Mr Enoch Godongwana, to fiscal sustainability, enabling long-term growth by narrowing the budget deficit and stabilising debt, when he presented the Medium Term Budget Policy Statement (MTBPS) in Parliament today.
The Minister added that a fast-growing economy would allow for greater revenue collection, making it possible for a more comprehensive response to the challenges the country faces.
Incoming domestic and global economic indicators point to improving economic prospects after momentum slowed in recent months. This is amidst persistent supply chain disruptions and continued resurgences of COVID-19. According to the October World Economic Outlook (WEO) report from the International Monetary Policy (IMF), the global economy is projected to grow by 5.9% in 2021 and 4.9% in 2022, 0.1 percentage point lower for 2021 than in the July forecast.