Tax collections miss forecasts – will taxpayers bear the burden?
A dip in corporate and VAT revenues has left a R10bn hole in expected tax collections. As the Budget approaches, Treasury faces a difficult balancing act.
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SARS anticipates up to R12bn from two-pot withdrawals
This is double the initial estimate of between R5bn and R6bn.
South Africa’s global minimum tax: a game-changer for corporate taxation
The Global Minimum Tax Act aims to level the playing field for multinationals while potentially adding R8 billion to South Africa’s tax base by 2027.
SA’s corporate tax base rests on a few large companies
More than 3.6 million companies were registered with SARS, and only 0.1% of them contributed 72.3% of corporate income tax revenue in 2022.
SARS will tighten the compliance screws to hit R1.84 trillion tax target
The MTBPS shows tax revenue will be below the Budget estimates, but SARS is adamant it will do everything in its power to collect as much money as it can.
Fiscal challenges: insights from the 2024 Medium-Term Budget Policy Statement
The Medium-Term Budget Policy Statement reveals a budget surplus and reduced wage bill, but it warns of ongoing financial pressures due to modest economic growth projections.
Kieswetter agrees to extended term as SARS head amid economic challenges
The commissioner says the Revenue Service has put measures in place to meet the revised estimate for revenue collection.
Budget 2024: No inflation-related adjustments to the tax brackets?
Not providing tax relief will be a relatively easy way for a cash-strapped National Treasury to collect revenue.
