The turmoil that the South African Revenue Service has been under in recent years, was again evident in the preliminary tax collections figures on Monday, where it reported revenue shortfalls for the 2018/19 year reached R57.4-billion.
Last year’s technical recession impacted on revenue collections. But a key element of the latest revenue gap, has also been the role that increased tax refunds to the public and businesses have played — notably value added tax refunds.to artificially inflate tax revenue collection figures. “There seems to have been a lot of artificial playing around to make sure the target was reached and I think what’s good to see is Sars is being fully transparent,” he said, adding that the agency’s recovery will not be “instantaneous.”
Meanwhile VAT refunds for the year totalled R229.2-billion, exceeding the estimate reflecting an increase of R38.1 billion or 19.9% on the previous year. This growth according to Sars was driven by the R9.3-billion, or 13.2% increase in payments to the small and medium vendors, while large vendors received R5-billion, or 5.2%, more refunds than in the previous year.
Weak economy and record emigration of high earners.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Business: MTN Pares Drop After Nigeria Urges Court to Keep Tax PenaltyShares of MTN Group Ltd. recovered from their biggest decline in more than five months to close little changed in Johannesburg trading as Nigeria’s government urged a Lagos court not to block a $2 billion penalty it imposed on the mobile carrier for allegedly evading taxes.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: South Africa Names Ex-Alexander Forbes CEO to Rebuild Tax AgencSouth African President Cyril Ramaphosa appointed Edward Kieswetter, a former chief executive office of insurer Alexander Forbes Group Holdings Ltd., as the head of the nation’s tax agency.
Source: dailymaverick - 🏆 3. / 84 Read more »
Tax revenues record shock decline | Business | M>he turmoil that the South African Revenue Service (Sars) has been under in recent years, was again evident in the preliminary tax collections figures on Monday, where it reported revenue shortfalls for the 2018/19 year reached R57.4-billion. People are not working Sir, Standard Bank retrenching 2000, construction retrenching thousands, companies shutting down, Bosasa giving people monies in cash, people simply refusing to pay, some moving monies offshore. Problems Sir just problems! What do you expect if you fire the whole compliance dept
Source: mailandguardian - 🏆 2. / 92 Read more »
Bosasa's former auditor unaware of R38 mln tax evasion - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Bosasa's former auditor Peet Venter says he's unaware of alleged tax evasion of R38 million by subsidiary company, SeaArk.
Source: SABC News Online - 🏆 32. / 51 Read more »