Finance Minister Enoch Godongwana revised the 2024 February Budget net tax revenue estimate which forecasts downward by R17.6 billion
Sars said the withdrawal rate from the two-pot system is higher than expected.South African Revenue Service Commissioner Edward Kieswetter has warned of lower-than-expected tax revenue collections, which were anticipated earlier this year during the February budget speech.
“But the bad news is that we using less diesel and therefore diesel levies are lower and that’s how its given us a R8.4 billion dent,” Kieswetter said. “To offset that slightly, we’ve had corporate taxes, particularly in the middle to small business areas that have performed better than expected and that has added some positive uplift to the numbers in the projection going forward,” Kieswetter said.Kieswetter added that while they do not believe the diesel usage will recover, which affects the fuel levy, there may be some recovery in individual taxes because of delays in wage negotiations, which when settled, will bring some respite.
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