Treasury’s tax revenue estimates for the next two fiscal years are too conservative and the final outcome for this year could be almost R40bn higher than projected, according to PwC.

If year-to-date collections for 2021/2022 were extrapolated for the full-year, the tax revenue overrun could be as much as R220bn, rather than the R182bn projected in last week’s budget, PwC tax policy leader Kyle Mandy said in a presentation on Wednesday to two parliamentary finance committees...