SARS collects more than R2 trillion, but VAT refunds surge by almost 22% | Business

The South African Revenue (SARS) collected just over R2 trillion in gross tax revenues, a 9.7% increase from the 2021/22 tax year and it was the first time that SARS exceeded the R2 trillion gross tax revenue mark. | News24_Business

Load shedding is affecting companies' profitability too – a double whammy for SARS, as it collects less corporate income tax from those affected while paying higher refunds.

"We do think that has got some linkage to the Transnet's ability to assist in the evacuation of those minerals. But also, we feel that load shedding that is in the background affects miners," said Makhubu. In the past year, tax collection from fuel levies was affected by National Treasury's decision to temporarily reduced the general fuel levy to smoothen the impact of higher fuel prices on consumers and businesses last year.

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