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Finance minister Tito Mboweni’s bold plan to "sow the seed of renewal and growth" and return SA to fiscal prudence and prosperity will not mean higher taxes for companies.
In his budget presentation Mboweni noted that tax revenue projections for the 2018/2019 year have been revised downwards by R42.8bn against the 2018 budget estimate. Higher-than-expected VAT refunds contributed to this disappointing result.
But this was a planned initiative by the SA Revenue Service (Sars) to manage its VAT credit book.
VAT refund arrears ballooned to R41.8bn by September 2018. By the end of January, the revenue service had reduced this to R31bn. It expects to run this down to a normalised level of R22bn over the course of the coming financial year, so there will be more VAT refunds on the way.
In the Treasury’s analysis, the contribution corporate tax makes to the fiscus has been stagnant over the past two years. For last year’s budget speech (for 2018/2019), the Treasury expected to raise R231bn...
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