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News & Press: Opinion

Tax revenue jump 'good news for S.Africans'

02 April 2014   (0 Comments)
Posted by: Author: Reinart Toerien
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Author:  Reinart Toerien

Finance Minister Pravin Gordhan says 20 years of democracy in South Africa has brought enduring achievements for the country's public finances.

Gordhan yesterday released the preliminary outcome of revenue collections for the past fiscal year which saw a R700 million increase.

Tax revenue has gone up from R113,8 billion in 1994 to R899,7 billion in 2014, whilst the number of registered taxpayers has increased from 1,7 million to over 13,7 million in that period.

In total, over R1 trillion was initially collected, but R191,2 billion was paid back in refunds.

Gordhan said this isn't just good news for the South African Revenue Service but also for the pockets of ordinary South Africans.

"The tax relief granted to individual taxpayers over this period is R140 billion in tax cuts, particularly in the post 2000 period, and that’s a significant amount of money going back into people’s pockets.”  

This article first appeared on ewn.co.za.



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