South African Revenue Service Commissioner Edward Kieswetter and his team at SARS have been hard at work rebuilding to improve revenue collection and widen the taxpayer net, bringing a surplus R189-billion to the budget at a time when South Africa has never needed it more.
Ownership structures: Assets are often held via a legal structure such as a company or a trust or even a special-purpose vehicle . An SPV is a subsidiary company formed for a specific business purpose or activity. At least 5.3 million people were tax-compliant this year, duly submitting their tax returns and, of those, 3.4 million claimed a refund with a cumulative value of R30-billion.
And those efforts have paid off in improving compliance, where Kieswetter reports that the needle has shifted from 62% to 65%.Small to medium-sized businesses proved to be the engine burner of the economy, bringing in more revenue than large corporates, with VAT bringing in R384-billion, compared with corporate income tax at R318-billion. For the 2020/21 year, there were 880,553 registered VAT vendors, but only 50.9% were active. Of these, the majority were companies or close corporations.
Angelika Goliger, chief economist at business advisory firm EY, says that, since 2012, there has been a 2.1% decline in the number of taxpayers, as per SARS data. Goliger says there are at least two reasons for this trend. The first is a weak economy, which has reduced the ability of firms to grow, increase salaries and hire people.
To give to a corrupt and incompetent government. Yeah. Pat yourself on the shoulder resl good.
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