The levels of corporate income tax (CIT) collected by the SA Revenue Service (Sars) are only now beginning to recover from the 2008 financial crisis, Sars said on Tuesday.<\/p>\n
“If you look at 2008\/09, the year before the recession or the year where the recession impacted revenue… CIT was the second-largest contributor during that year,” Deon Breytenbach, executive manager for revenue analysis, planning and reporting, said in Pretoria.<\/p>\n
He was speaking at the release of the 2014 Tax Statistics Bulletin.<\/p>\n
Individuals only contributed R28.9 billion more than CIT to the fiscus in 2008\/09, he said.<\/p>\n
“The impact of the recession on companies was significant.”<\/p>\n
The difference in the 2013\/14 tax year between personal income tax (PIT) and CIT was now R131bn.<\/p>\n
“Many of them [companies] went into assessed loss positions and they’ve only started to recover now,” he said.<\/p>\n
In 2008\/09, CIT contributed 26.7 percent of total tax revenue. This shrunk to 19.9 percent by the 2013\/14 tax year.<\/p>\n
PIT contributed 34.5 percent to the fiscus in 2013\/14, with value added tax contributing 26.4 percent and other taxes 19.2 percent.<\/p>\n
Of registered individual taxpayers, 40.8 percent were registered in Gauteng, more than double the next two highest provinces, being the Western Cape at 15 percent, and KwaZulu-Natal at 14.9 percent.<\/p>\n
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