SARS commissioner Edward Kieswetter announces preliminary revenue collection outcome for the 2023-24 fiscal year, with a 3.2% growth in revenue. Expert highlights concerns about the large informal economy in South Africa.
Expert lauds SARS efficiency as revenue collection grows, but warns of challenges posed by informal economy.This comes after Sars commissioner Edward Kieswetter announced the preliminary revenue collection outcome for the 2023-24 fiscal year at a media briefing on Tuesday.Baur said while the tax collection for registered individuals and businesses was more efficient, the large informal economy in South Africa remained a large structural concern.
Kieswetter was pleased R414 billion returned to the hands of taxpayers and said it was good for the economy. Ingrid Woolard, professor of economics at Stellenbosch University, said Sars was pushing hard on compliance, which made it harder for individuals and businesses to evade paying their lawful taxes.
“The corporate income tax figures are slightly higher than expected, but still worrying, reflecting the stagnant state of the economy,” she said.“If he can, it will be good news for the fiscus and as a demonstration that SA is able to enforce the law,” Woolard said.Sars also compared the 2022-23 fiscal year, total tax revenue increased by R54.2 billion driven by personal income taxes of R49.5 billion on the back of higher than estimated compensation of employees and higher domestic VAT of R39.
SARS Revenue Collection Efficiency Challenges Informal Economy South Africa
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Kieswetter’s latest tax haul beats estimatesSouth African Revenue Service raked in more than expected in the fiscal year through 31 March 2024.
Read more »
Massive headache for Kieswetter – R119 billion up in smokeA new study sheds light on the value of the country’s booming illicit market and how it costs the fiscus billions annually.
Read more »
South African Revenue Service Warns Taxpayers of Bad Tax AdviceSouth African Revenue Service (SARS) Commissioner Edward Kieswetter has warned taxpayers to make sure they’re not getting bad tax advice from tax practitioners who are non-compliant in their own field of expertise. SARS, which posted a record tax year for 2023/24 after coming in R10 billion more than projected, has seen a troubling trend in which“We’ve identified 53 tax practitioners who remain non-compliant in their own taxes, which explains, in part, how they advise their clients and why their clients are equally delinquent,” Kieswetter said. “In one law firm alone, in The Square in Sandton, we found 14 partners of this law firm who underestimated their own provisional taxes.”Eight licences have already been revoked, and criminal investigations are underway against others found to be in breach of tax obligations
Read more »
Sars to target ‘professional enablers’ of organised crime'It is unacceptable for a bank to adopt a compliance tick the box mindset, and not understand that they’re dealing with systemic risk issues; that is inexcusable,' Edward Kieswetter said.
Read more »
South African Revenue Service Targets Wealthy TaxpayersTax collected from wealthy individuals increased by more than 10% over the past year, rising to R12.5 billion. SARS Commissioner Edward Kieswetter reveals that some partners at a law firm in Sandton underestimated their own provisional taxes.
Read more »
![Watch Port Edward Beachgoers Form Human Chain To Save A Swimmer Caught In A Riptide [Video]](https://i.headtopics.com/images/2024/3/25/2oceansvibe/watch-port-edward-beachgoers-form-human-chain-to-s-watch-port-edward-beachgoers-form-human-chain-to-s-D0F0D4FC470EE1126F801CF7E14094C9.webp?w=640)
Watch Port Edward Beachgoers Form Human Chain To Save A Swimmer Caught In A Riptide [Video]South African and global news updates with a twist. 2oceansvibe is South Africa’s biggest solely owned online news platform with local and world news updates.
Read more »