Covid-19 hit on economy deepens
Parliament hears new warning of severe lockdown contraction and job losses
As the government moved to start limited reopening of the economy this week, the Treasury gave shock figures in parliament on how badly SA’s economy could be affected by a prolonged lockdown — and the taxman revealed that the lockdown and the ban on cigarettes and alcohol were costing billions in lost revenue.
South African Revenue Service commissioner Edward Kieswetter said on Thursday that the month to date had seen a shortfall of R1.5bn in excise tax on alcohol and tobacco, and that this, with the economy's very weak performance, had already resulted in a R13bn revenue shortfall for the first month of the fiscal year, which began on April 1...
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