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2010 Tax Statistics

01 October 2009   (0 Comments)
Posted by: TaxFind ™
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2010 Tax Statistics

REVENUE  COLLECTIONS

For the 2009/10 fiscal year:

•Tax revenue collected amounted to R598.7 billion, a 4.2% decreaseyear-on-year attributable to the global financial crisis.

•Consequently budget revenue decreased to 23.6% of GDP.

•Cost of revenue collection increased to 1.2%.

•PIT, CIT and VAT remained the largest sources of tax revenue (±80%).

•SARS has on register, Close to 5.9 million individual taxpayers, Almost 1.9 million companies, and 685 523 VAT vendors.

•R10.4 billion capital gains tax was raised in 2009/10, and SARS was responsible for collecting ±98% of national budget revenue.

PERSONAL INCOME TAX

Individual taxpayers’ assessed data for the 2008 tax year shows:

•3.5 million assessed taxpayers who had an aggregate taxable income of R632.6 billion and a tax liability of R154.1 billion.

•There are, however, more taxpayers paying tax, as most taxpayers falling below R120 000 taxable income and those subject to SITE-only are not required to submit an income tax return and would therefore not be included in the 3.5 million assessed taxpayers.

•28.8% were in the 35-44 age group and 56.7% were male.

•136 124 (3.9%) had business income.

•Over 60% of taxable income derived from salaries, wages and remuneration.

•The largest allowance claimed was the travel allowance.

•Medical aid paid on behalf of employees was the largest fringe benefit and Contributions to retirement funding constituted the largest deductions.

COMPANY INCOME TAX

Companies’ assessed data for the 2008 tax year shows:

•34.2% of the 473 034 companies assessed had positive taxable income.

•35.2% had negative taxable income and 30.6% had taxable income equal to zero.

•56.5% of income tax assessed was paid by 222 large companies with taxable income in excess of R200 million.

•The finance, wholesale trade and retail trade sectors collectively made up 50% of the assessed companies and were responsible for over 35% of tax assessed; and

•The mining and quarrying sector consisted of only 0.3% of total number of companies assessed. Their contribution to total assessed company income tax shrunk from 8.6% in 2006 to 5.7% in 2008.

VALUE-ADDED TAX

For the 2009/10 fiscal year:

•The global financial crisis resulted in domestic VAT payments only increasing by 4% and VAT refunds declining by 6%. 

•Growth in domestic VAT payments came mainly from the financing and transport, storage and communications sectors, offset by a decline in the coal and petroleum and mining sectors.

•VAT refunds declined as vendors in the financial sector struggled, vehicle exports fell and imports declined which reduced input VAT claims.

•Of the 685 523 registered VAT vendors about 72% were active.

•The largest numbers of VAT vendors were in the financing, insurance,real estate and business services sector (33.5% of the total VAT vendors).

•Close to 90% of VAT vendors submitted returns on a two-monthly basis.

•Companies and close corporations made up close to 70% of VAT vendors.

•Over 55% of VAT vendors had a turnover of R1 million or less.

VAT ON IMPORTS AND CUSTOMS DUTIES

For the 2009/10 fiscal year:

•The global financial crisis resulted in VAT on imports declining by 24% as consumption and demand contracted.

•Machinery and mechanical appliances, electrical equipment contributed the largest value of goods imported (20.9%).

•Import / customs duty revenue was mostly derived from vehicles, aircrafts, vessels and associated transport equipment (18.4%).

•Ad valorem excise duty revenues were mostly derived from vehicles, aircrafts, vessels and associated transport equipment (59.1%).

•South Africa imported most goods from China and Germany.

Source: By SARS, National Treasury (2010 Tax Statitics -Tax Professional) 


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