Sars says SA tax revenue could be 20% lower this year

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Sars says SA tax revenue could be 20% lower this year

Sars commissioner Edward Kieswetter. Picture: Moneyweb

This is in response to the commissioner of the SA Revenue Service, Edward Kieswetter.

The taxman has warned that the mixed impression of a gradual economic system and the lockdown could quantity to a lack of as much as R285 billion in tax revenues this year.

This is in response to the commissioner of the SA Revenue Service, Edward Kieswetter, who was quoted by Fin24.

Kieswetter was briefing a joint assembly of two parliamentary committees on Tuesday.

“Whilst it’s early days, our revenue losses could be peaking at between 15% and 20% lower (than projections). That interprets to a revenue lack of as much as R285 billion.

“That is a operate of the sluggish economic system, but additionally the impression of lockdown,” he mentioned.

For perspective, a lack of R285 billion would be bigger than the virtually R230 billion allotted to well being providers in 2020.

Kieswetter mentioned the lack of jobs would have a dramatic impression, and many roles wouldn’t be regained.

“It takes 100 companies … to create one profitable enterprise. So for each one we lose, we should have 100 if no more entrepreneurs to take the chance [to start a new business].”

He additionally mentioned he had clear proof the illicit economic system was thriving.

Illegal cigarette and alcohol gross sales have taken off since they have been banned firstly of lockdown.

For extra information your manner, Orignaly Published on https://citizen.co.za  and 

live at 2020-05-05 16:16:37

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