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The gross tax acquirement appraisal for 2020/21 has been revised bottomward by R8.7 billion compared with the bump in the June Special Adjustments Budget, National Treasury said on Wednesday.
Finance Minister Tito Mboweni said in the added account in June that National Treasury accepted to absence its tax acquirement ambition by over R300 billion this year.
“This abasement is accumbent with revised bread-and-butter advance projections and the accepted achievement of the above tax bases.
“Gross tax acquirement is accepted to be 17.9% lower than collections in 2019/20, or R312.8 billion beneath the 2020 Account forecast.
“The tax-to-GDP arrangement is accepted to abatement substantially, bottomward from 26.3% to 22.9%.
“A able and abiding backlash in bread-and-butter advance is appropriate for the tax-to-GDP arrangement to acknowledgment to levels apparent in 2019/20,” National Treasury said.
Tax revenues, which fell acutely during the aboriginal several months of the Coronavirus pandemic, accept amorphous to recover.
However, Treasury said account collections abide able-bodied beneath 2019/20 levels in abounding tax categories.
“For example, calm value-added tax (VAT) calm in the aboriginal six months of 2020/21 was 6.7% lower than the aforementioned aeon in 2019/20.”
Treasury said key factors affecting in-year acquirement accumulating include:
– A cogent abatement in compensation, and accordingly claimed assets tax, due to the lockdown.
– A weaker acceptation outlook, which has bargain VAT and community expectations.
– A aciculate abridgement in consumption, blurred calm VAT collection.
– Downward adjustments in specific customs duties associated with a longer-than-expected tobacco ban.
– Stronger-than-expected accumulated profitability, attached the advancing abridgement in accumulated assets tax and allotment tax receipts.
Get the absolute Bread-and-butter Reconstruction and Recovery Plan on https://www.gov.za/sites/default/files/gcis_document/202010/south-african-economic-reconstruction-and-recovery-plan.pdf.
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