Mboweni all set to deliver medium term budget

New Minister of Finance Tito Mboweni is all set to deliver the medium term budget later this month, Cabinet announced on Thursday.

Minister of Communications Nomvula Mokonyane said Cabinet confirmed at its latest meeting that Mboweni would reveal the adjustments made to the budget to ensure fiscal stability on October 24.

On Tuesday afternoon, President Cyril Ramaphosa named former SA Reserve Bank governor Tito Mboweni as the new finance minister, replacing Nhlanhla Nene with immediate effect. 

Ramaphosa said Nene submitted his letter of resignation on Tuesday morning. Last week Nene testified at the State Capture Inquiry that he had met with members of the Gupta family several times between 2009 and 2014. He had not previously acknowledged these meetings.

Mokonyane also said that so far three million taxpayers had filed their tax returns to the SA Revenue Services.

Over half the returns were submitted by e-filing to the revenue collector, which has been mired in controversy.

"Proper revenue collection ensures fiscal sovereignty and helps the country deliver services," said Mokonyane.

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