Corporate taxes and VAT refunds drag down revenue collection
But personal income tax is expected to exceed forecasts due to the recovery in earnings and higher bonus payments
01 November 2023 - 14:08
Revenue collection this year is substantially lower than projected due to the sharp fall in corporate tax collections and higher than expected VAT refund payments.
Compared with the 2023 budget the gross tax revenue estimate for 2023/24 has been revised downwards by R56.8bn to R1,73-trillion, the medium-term budget policy statement (MTBPS) said. ..
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