South Africa’s preliminary tax collection exceeded its budget estimate for a second consecutive year, buoyed by windfall mining-company profits and the easing of coronavirus lockdown measures.
The South African Revenue Service collected R1.56 trillion in the fiscal year through March 31 2022, Commissioner Edward Kieswetter told reporters Friday in Pretoria, the capital. That’s R16.7 billion more than projected in the February budget and represents a 25% increase from the prior fiscal year.
The data is the latest sign that headway is being made in rebuilding a revenue agency that was rendered ineffectual during former President Jacob Zuma’s scandal-marred rule, with a number of inappropriate appointments made to senior posts, some officials forced to quit and key units disbanded. While the Treasury in February projected that tax revenue for the fiscal year that started on Friday is expected to reach almost R1.6 trillion, the ongoing commodity boom that’s being stoked by Russia’s invasion of Ukraine could see the target revised higher.
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