SA’s tax loss due to lockdowns exceeds value of IMF and AfDB loans combined
In the three months to June, there was an under-recovery of about R47bn, with excise-duty collections contracting 42% from a year earlier
01 August 2020 - 19:44
SA lost more in tax revenue in the first three-and-half months of its fiscal year than it borrowed from the International Monetary Fund (IMF) and the African Development Bank (AfDB) combined.
A lockdown that initially shuttered almost all economic activity led to an under-recovery of R82bn for the fiscal year to July 15, SA Revenue Service commissioner Edward Kieswetter said on Friday...
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