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<\/a><\/p>\nThe data is the latest sign that headway is being made in rebuilding a revenue agency that was rendered ineffectual during former President Jacob Zuma\u2019s scandal-marred rule, with a number of inappropriate appointments made to senior posts, some officials forced to quit and key units disbanded.<\/p>\n
Corporate income taxes accounted for almost 21% of the total tax take. That\u2019s as high prices and robust demand for commodities boosted mining-company profits in South Africa, the world\u2019s biggest platinum and palladium producer. Personal income and value-added taxes, the two biggest revenue line items, accounted for 36% and 25% respectively.<\/p>\n
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\u2019s being stoked by Russia\u2019s invasion of Ukraine could see the target revised higher.<\/p>\n
The forecast accounts for a one percentage point cut in the corporate tax rate that comes into effect this month, but it doesn\u2019t take into consideration the government\u2019s decision to cut general fuel levy by almost 40% for two months to mitigate against the impact of rising crude prices — a concession that will result in foregone tax revenue of R6 billion.<\/p>\n
President Cyril Ramaphosa\u2019s efforts to rebuild the tax agency started with Kieswetter\u2019s appointment in May 2019. It has since sought to enforce tax compliance and set up units to handle the tax affairs of large businesses and high-net worth individuals.<\/p>\n
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