According to data issued by the revenue services on Monday. South Africa collected a total of $94 billion in taxes for the fiscal year ending on March 31. It falls slightly short of the government’s $96 billion forecast in the 2023 budget.
A major fall in mining activities over the last year is a major cause. South African Revenue Service (SARS) reports that tax income grew owing in major part to higher commodity prices.
Individual taxes (35.7%), taxes on goods and services (25%), and taxes on businesses (20.6%) constituted the majority of the economy’s revenue. The banking sector provided the highest to total tax revenues, at 33.9%.
According to the South African Revenue Service (SARS), the protracted power outages have had a “debilitating” effect on the economy and revenue collection, resulting in a minimum yearly loss of 60 billion rands in tax income.
As projected by the South African Reserve Bank on Thursday. Sluggish economic growth would make it difficult for revenue agencies to reach their collection targets over the next year.
According to the Treasury, the anticipated revenue for the fiscal year ending in March 2019 is 1,787 trillion rand.
