Finance Minister, Enoch Godongwana has attributed the improvement in tax revenue collection to higher compliance among companies and individuals.
He has announced that tax revenue collection for 2022-23 is expected to total R1.6-trillion.
This will exceed the 2022 budget estimates by R93.7-billion.
Godongwana says as a result there are no major tax proposals.
“Our country is reaping the benefits of a more efficient and effective tax administration that is building trust to increase voluntary compliance and boost revenue collection. In addition to the tax measures, I’ve announced to promote investment in the renewable energy. The general fuel and Road Accident Fund levy will not be increased this year.”
Tax relief for businesses
Godongwana also announced a slew of tax relief measures to help struggling consumers and businesses affected by rolling blackouts.
The measures include a tax break for solar installations.
However, government plans to raise more taxes with sin tax, meaning big increases in tobacco products and alcohol.
SABC News Reporter Lulama Matya elaborates in the report below:
