The South African Revenue Service has collected more than R1.6-trillion in tax revenue. It’s a R123-billion more than the previous financial year. Personal income tax increased by more than 8-percent and commissioner Edward Kieswetter, has put it down to improved public confidence in SARS. But analyst Tertius Troost agrees with Kieswetter that rolling blackouts pose a threat in future collections.
He said, “with the rising inflation coupled with the rising interest rate, we will see taxpayers under pressure. That will be seen more in regards to the indirect tax than with personal income tax. Cause people will still be expected to earn their salaries with companies earning their profits.
Might see a slight, a lesser amount collected in terms of Value Added Tax. The commissioner did explain that a lot of the amounts have to do with load-shedding and increased imports on improvements and repairs needed for certain companies. But generally it could also show that there is some pressure on consumers when it comes to purchasing normal goods for themselves. And thereby the companies and the revenue authority getting less money from VAT.
Source: eNCA
In other news – Gerard Piqué Calls out Shakira Fans over Social Media Hate
Weeks after speaking out about his split from Shakira, Gerard Piqué has more to say.
The sports star, who has since moved on with 23-year-old Clara Chia Marti, called out fans of the “Hips Don’t Lie” singer over the social media hate he says has hiked up since their June 2022 breakup. Learn more
