Red flags for tax in South Africa

Absa says South Africa should be cautious of consumption-related taxes and corporate profitability being hit hard by continuous load shedding.It indicated an R45 billion budget surplus, with overall strength in tax collections; however, from April to December, the cumulative deficit is 16.4% lower than the previous period, said Absa.

“Meanwhile, corporate income tax receipts were up 3.9% year-on-year in December, which is a solid and somewhat unexpected performance given the decline of commodity export prices and the challenges bulk mineral producers have experienced with Transnet’s freight rail logistics,” Absa added.Absa pointed to the strong CIT results in June last year, noted by the MTBPS and owing to good profitability in the finance and manufacturing sectors.

“Meanwhile, after soaring in November, VAT refunds slumped in December. This left net VAT receipts up 21.8% y/y in December, after a 21.5% fall in November, with the two months together down 0.8% overall. Meanwhile, in a similar pattern to that shown by revenues, the main budget expenditure rose 7.8% y/y,” said Absa.

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