The alarm bells at the revenue offices over poor collections are not unexpected. The looting of the largesse that previous honchos toiled to get from once-errant payers, government profligacy and frequent bailouts put paid to handsome overflows in the kitty. The shortfall of about R50bn has less to do with dwindling private and company collections than the wholesale looting of OPM (other people’s money). With state looting at a record high, even individuals and top corporates have started to go "commando" when presenting their once-spotless financial reports. Infrastructure upgrades in metros and towns, stalled because monies allocated have been diverted — ostensibly to enrich fat cats — are at risk of collapse. The South African Revenue Service, now under the stewardship of Tom Moyane and associates, has paid scant respect to the excellent tax regimen set up by its predecessors, resulting in this sorry state. Rating agencies will find it difficult to restore SA to normalcy under th...
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