ECONOMIC WEEK AHEAD: SARS tax collection figures may fall short
The immediate implication is that the deficit for 2016-17 will be higher
The South African Revenue Service (SARS) is releasing the preliminary 2016-17 tax collection figures on Monday against the backdrop of its target being revised down by R30bn. The revision was announced by former finance minister Pravin Gordhan in the February budget speech. Should SARS fall short of its collection target, the immediate implication is that the deficit for 2016-17 will be higher. Tax ombudsman Bernard Ngoepe is also investigating whether or not SARS has withheld value-added tax refunds, among other complaints, to boost its collection numbers. Economists will also this week pay close attention to the effect that President Jacob Zuma’s Cabinet reshuffle will have on the market. Statistics SA has postponed the release of the quarterly employment statistics, which was scheduled for Monday, to next Tuesday, leaving the manufacturing purchasing managers index (PMI) and business confidence index as being the key data to watch. February vehicle sales, which are expected to ha...
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