South Africa will miss its tax target
South Africa will miss its tax target View pictures in App save up to 80% data.
The pandemic has deeply affected our economy status, it seems that South Africa will miss its tax target for 2020.
Some people lost their jobs during this pandemic period and the fact that companies of all sizes were seriously affected.
Revenues estimated down in response to weaker trade outlook.
Minister of finance, Tito Mboweni said that already the country is 300 billion rand short of its 2020-2021 tax target this year. He said that during this period, gross tax revenue collected in the first two month was 142 billion rand.
The GDP has also weakened seating on 23.0%.
In order to recover this, a lot need to be done. The receiver of revenues will be focusing on international taxes, increasing enforcement to illuminate tax fraud. Companies who don’t register, companies who should submit declarations to SARS will be monitored sharply. This can be a positive step that the revenues need to take sooner.