03 Apr WHAT OUR NEW TAX STATISTICS TELL US
There are only run-of-the-mill tax deadlines in April, but some interesting information emerged from the recently-released 2018 edition of SARS’ Tax Statistics –
- For the first time since the Global Financial Crisis the increase in tax revenue collected lagged behind GDP growth. This reflects that (a) the days of tax collections rising at a fast clip are over and (b) tax morality is declining (something SARS is concerned about and it’s one of the factors in the setting-up of the Nugent Inquiry into tax affairs).
- Only 24% of companies paid tax, underlining the drop off in corporate tax profitability.
- Over 40% of all individual taxpayers are from Gauteng.