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. Moneyweb
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.
Corporate income taxes accounted for almost 21% of the total tax take. That’s as high prices and robust demand for commodities boosted mining-company profits in South Africa, the world’s biggest platinum and palladium producer. Personal income and value-added taxes, the two biggest revenue line items, accounted for 36% and 25% respectively. While the Treasury in February projected that tax revenue for the fiscal year that started on Friday is expected to reach almost R1.
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