Gordhan lays into corporate tax dodgers

Gordhan lays into corporate tax dodgers

Finance Minister Pravin Gordhan had attacked companies for smuggling money out of African countries, costing the continent billions, the SABC reported yesterday. “Think of how much African governments could do with this extra tax revenue,” he told the annual Group of 20 African conference in Johannesburg. “Africa could be fundamentally in a better place with more schools, more infrastructure and more economic activity.”

– Sapa

SA makes effort to build reserves

South Africa had been making a “special effort” to build up its foreign exchange reserves to moderate volatility in the rand, Daniel Mminele, a deputy governor of the Reserve Bank, said yesterday. “A significantly misaligned exchange rate or excessively volatile exchange rate leads to a misallocation of resources, which eventually thwarts sustainable growth,” Mminele said in a speech, according to a copy on the bank’s website. – Bloomberg