TREASURY RESPONSE
Sugar tax and asset disclosures could add R1bn to budget revenue
Treasury eyes potential revenue windfalls of at least R1bn, officials tell MPs
There were several potential tax revenue windfalls that could increase the 2017-18 budget revenue estimate by more than R1bn, Treasury officials said in Parliament on Thursday. This would mitigate to a small extent any undercollection by the South African Revenue Service. The proposed tax on sugary beverages was not factored into the revenue estimate of R1.4-trillion for the year; neither were the proceeds of the Special Voluntary Disclosure Programme, which allows taxpayers with undeclared assets here and abroad to declare them without being penalised. Also not included in the tax revenue estimate are the proceeds of a new measure that took effect at the beginning of March to tax as a donation the interest-free loans made to trusts. Details of these potential windfalls were provided to members of Parliament’s two finance committees by Treasury chief director of legal tax design Yanga Mputa and director of personal income taxes and savings Chris Axelson when giving the Treasury’s re...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.