CAPE TOWN – Finance Minister Tito Mboweni confirmed during his Medium-term Budget Policy Statement that South Africa was facing yet another large tax revenue shortfall.
The deadline for 2019’s tax season is just less than a month away, December 4, so it’s time to seriously focus on your tax returns, advises TaxTim. Explains Marc Sevitz, tax expert and co-founder of TaxTim, said South Africa was facing a dire tax collection crisis with implications for every South African if this does not improve. He said aince April 2014, the SA Revenue Service had not met National Treasury’s tax collection target.
“Experts forecast that at the end of March 2020, Sars will miss a tax collection of up to R60 billion, the largest collection shortfall to date. This would take the total tax collection missed over the past six years to a whopping R215 billion. Sars needs to ensure that the budget deficit is reasonable and for the country to function optimally, Sars needs to ensure that enough revenue is generated through tax collection.
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