Johannesburg - The DA has welcomed billionaire businessman Patrice Motsepe's decision to donate at least half the money generated by his assets to the poor, the party said on Thursday.
“The DA warmly welcomes the move by billionaire Patrice Motsepe to significantly increase the amount he intends donating to good causes,” said Democratic Alliance MP Tim Harris.
“Now National Treasury must make it easier for others to follow suit by boosting South Africa’s tax incentives for charitable giving.”
The mining magnate announced on Wednesday that the money would go to the Motsepe Foundation for distribution to charities which would benefit South Africans, Africans and others around the world.
Motsepe is the fourth richest man in South Africa and the sixth richest in Africa, according to Forbes. It calculates his net worth at US2.65 billion (about R29.93 billion).
Harris said Motsepe made his donation in a tax environment which was significantly less generous.
“Our tax laws need to reflect the reality of need across our country by increasing the tax deductibility of charitable giving and making it easier to set up charitable foundations.”
Earlier, the African National Congress saluted Motsepe for giving to the poor.
“This unprecedented act of goodwill in South Africa gives expression to our view of patriotic bourgeoisie, whose outlook reflects a deep understanding of development challenges and limitations facing South Africa and its people,” ANC spokesman Jackson Mthembu said.
Motsepe's “gesture of philanthropy” would help many destitute South Africans to experience some relief, which complemented government initiatives.
“Patrice Motsepe should be lauded for exemplary leadership that must be seen as reflecting new realism that must confront business in their social commitment to eradicating deep-seated poverty that confronts under-developed countries,” Mthembu said. - Sapa