Chairperson, I am not too sure about the timing of making sure that all members speak from the podium. Thanks for agreeing to the request for the display of the two, and that is none of what the hon Harris thinks it should be.
Chairperson and hon members, the Ministry of Finance oversees a number of institutions that are affectionately referred to as the "finance family". These are the SA Revenue Service, Sars, the Public Investment Corporation, PIC, the Financial Intelligence Centre, FIC, the Financial Services Board, FSB, and the Government Pensions Administration Agency, GPAA. I mention these because they are the ones I am going to talk about.
These institutions play critical roles in our political economy. Sars makes it possible for government to fund its programmes; the FIC ensures the integrity of the country's financial system; the FSB regulates all nonbanking financial institutions; and the Government Pensions Administration Agency, which is the youngest member of the finance family, ensures that the men and women who dedicate their lives to serving their fellow citizens are well looked after, particularly in times of need, at retirement and when they pass on.
The Public Investment Corporation, on the other hand, has up to now ensured that the Government Employees Pension Fund, GEPF, has had no need to call upon the state to dip into its pockets to meet its obligations as the guarantor of the retirement benefits of the GEPF members. This means that GEPF has sufficient assets to cover its actuarial liabilities, thanks to the performance of the Public Investment Corporation, which manages GEPF assets.
The sovereign debt crisis which continues to play out in Europe is a stark reminder of the importance of fiscal stability and sustainability. Our prudent fiscal policies over the past decade have been supported by an ever- growing tax base and culture of compliance. As a result we are well-placed to stimulate and further encourage economic growth and recovery through our counter-cyclical investment in infrastructure over the coming Medium-Term Expenditure Framework, MTEF, period.
In the past financial year the many millions of taxpayers in our country have again provided us with the means to implement this ambitious investment programme, which, in a virtuous cycle, will stimulate growth, job creation and higher future revenue. We owe them our deep gratitude and the commitment to spend this money wisely, honestly and efficiently. I agree with you, Mr Singh.
By the end of March this year, the SA Revenue Service had collected R742,7 billion in tax revenues, which was R4 billion more than the revised projection made during the Budget in February and 10% higher than the previous year's collection. [Applause.] Hon members, it is worth reiterating that almost every single South African makes some contribution to this revenue. They make this through tax on income and earnings; VAT on purchases of goods and services; directly and indirectly through the fuel levy and the electricity levy; and a range of other tax instruments designed to share our obligations fairly, sustainably and progressively. We owe the socioeconomic gains that we as a nation have made since the birth of our democracy 18 years ago to these patriotic South Africans. Total tax revenue has increased from R114 billion at the advent of our democracy in 1994 to the more than R742,7 billion, which I spoke of, this year - a more than fivefold increase.
This is an achievement in which we can all take pride. But it is also an achievement which must be constantly protected and guarded jealously. Sars will do more, not only to protect the tax base, but to expand it. Tax compliance is strongly influenced by the perceived value for money which our citizens receive for their hard-earned contributions.
We must be honest, ladies and gentlemen, that fraud and corruption undermine our tax base. Corruption, wasteful expenditure and inefficient use of resources erode our hard-won culture of compliance and the social compact between the state and the citizens. Each one of us who rely on taxpayers' money - from public servants to officials, politicians, and employees of state-owned enterprises - should ask before spending a cent, as you said, Mr Singh: Is this the best and most efficient use of taxpayers' money? If it were my money, would I pay this price? If it were my money, would I buy these particular goods or services?
Therefore, it is the responsibility of every public representative to protect the integrity of public institutions like Sars. If we want to understand the consequences of what happens if we don't, we should look no further than Greece!
We as public representatives and servants must also work harder to sustain public trust in the state. We must avoid words and deeds that erode that trust. We must ensure that we spend public money wisely. We must cut out unnecessary and expensive travel and hotel functions, even for our Budget Votes. That is why there is no cocktail party after this debate, ladies and gentlemen. The willingness of taxpayers to part with portions of their hard-earned money every year ...