Print Page   |   Report Abuse
News & Press: SARS News & Tax Administration

Tax revenue remains stagnant

23 October 2012   (0 Comments)
Posted by: SAIT Technical
Share |

By SAPA (Business Report)

Executive summary (SAIT Technical)

SARS spokesman Adrian Lackay said that tax revenue collection has not recovered much from the 2009 economic slump. The 2012 tax statistics were released to parliament which show that revenue collected in 2011/12 was R4bn higher than predicted. However, the tax-to-gdp ratio remained stagnant at 24.6 percent.

Full article

Tax revenue collection has not recovered much from the 2009 economic slump, SA Revenue Service (Sars) spokesman Adrian Lackay said on Monday.

Lackay and a Sars team released the latest tax statistics in Parliament.

They showed that R742.6 billion rand in revenue was collected in 2011/12, almost R4bn higher than Finance Minister Pravin Gordhan predicted in his February budget speech.

However, the tax-to-GDP ratio had remained stagnant compared to the figures in 2009, when business and profits in the country were constrained by the global economic crisis.

"The tax-to-GDP ratio in 2008 bordered below 28 percent, went down to 24.5 percent the following year, and is now sitting at 24.6 percent,” said Lackay.

This meant companies were still reeling from the after-effects of the constrained economic activity which followed the downturn.



WHY REGISTER WITH SAIT?

Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.

MINIMUM REQUIREMENTS TO REGISTER

The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.

Membership Management Software Powered by YourMembership  ::  Legal