{"id":765115,"date":"2024-04-02T15:09:27","date_gmt":"2024-04-02T13:09:27","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=765115"},"modified":"2024-04-02T15:09:32","modified_gmt":"2024-04-02T13:09:32","slug":"kieswetters-latest-tax-haul-beats-estimates","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/765115\/kieswetters-latest-tax-haul-beats-estimates\/","title":{"rendered":"Kieswetter’s latest tax haul beats estimates"},"content":{"rendered":"\n

South Africa\u2019s preliminary tax collection beat estimates as compliance revenue grew more than a quarter from a year earlier, and the number of impermissible refunds increased.<\/p>\n\n\n\n

Commissioner Edward Kieswetter told reporters in Pretoria on Tuesday that the South African Revenue Service collected R1.741 trillion ($92.6 billion) in the fiscal year through 31 March. <\/p>\n\n\n\n

The period\u2019s tax take was about R10 billion more than projected in the February budget, representing a 3.2% increase from the 2023 fiscal year.<\/p>\n\n\n\n

\"\"<\/a><\/figure>\n\n\n\n

The higher-than-anticipated income means the budget deficit as a percentage of gross domestic product for the past fiscal year could be better than the National Treasury\u2019s February projection of 4.9%.<\/p>\n\n\n\n

Compliance revenue increased 26.7% to R294 billion, and R101 billion of impermissible refunds were prevented.<\/p>\n\n\n\n

The better-than-expected revenue collection came even as logistics constraints and record power outages weighed on businesses. <\/p>\n\n\n\n

Corporate income tax rose 3.8% from a year earlier, crimped by a 66% slump in taxes from the mining sector.<\/p>\n\n\n\n

The data is a further indication 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\n\n\n

President Cyril Ramaphosa\u2019s efforts to rebuild the tax agency started with Kieswetter\u2019s appointment in May 2019. <\/p>\n\n\n\n

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\n\n\n

Kieswetter\u2019s term was extended in February for another two years.<\/p>\n\n\n\n

\n\n\n\n

Read: SARS is coming after these two sectors in South Africa<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

South African Revenue Service raked in more than expected in the fiscal year through 31 March 2024. <\/p>\n","protected":false},"author":59,"featured_media":751194,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11121],"tags":[1850,3246,853],"class_list":["post-765115","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-bloomberg","tag-sars","tag-south-africa"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/765115","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=765115"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/765115\/revisions"}],"predecessor-version":[{"id":765125,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/765115\/revisions\/765125"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/751194"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=765115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=765115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=765115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}