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Tax revenue remains stagnant

Tuesday, 23 October 2012   (0 Comments)
Posted by: SAIT Technical
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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.



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