SARS Reports Better Than Expected Revenue With 25% Tax Revenue Increase

• The South African Revenue Service has reported a 25% year on year increase in tax revenue collected for the 2021/2022 period
• Corporate tax has gone up by a massive 58.3% (R119.2 billion) which results in a total of R232.6 billion and personal tax was up by R7.3 billion
• In total, SARS has collected R1.564 trillion and on the back of that has paid out a record amount in tax refunds

PRETORIA - SARS has reported that it has collected higher than the expected personal tax which came as a surprise. The revenue service reported that it has collected 13.8% more than it anticipated.

Corporate tax has gone up by a massive 58.3% (R119.2 billion) which results in a total of R232.6 billion. Personal tax was up by R7.3 billion totalling R555.8 billion.

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The total amount of tax collected by SARS comes in at R1.564 trillion which translates into a 25% year on year growth. SARS has paid out a record amount in tax refunds in 25 years according to eNCA.

The ANC has been lapped with a hefty tax bill of R102 million. Due to the party's failure to pay salaries, the tax on those salaries had also not been paid and the ANC now owns the states a hefty bill.

Part of the reason the ANC is facing such considerable financial challenges is due to its adoption of the Political Party Funding Act which forces it to disclose any donation that exceeds R100 000 according to the Daily Maverick.

Ramaphosa promises to help ease the cost of living as prices rise

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Country braces for cost of living increase as inflation rate climbs, warnings of higher fuel and food prices

Earlier, Briefly News treported that President Cyril Ramaphosa has promised to help reduce the impact on consumers as the price for fuel, electricity and food skyrockets.

The war in Ukraine is a large contributing factor to the steep rise in the cost of living across the world. However, it is being acutely felt in South Africa as families struggle to make ends meet.

Ramaphosa did not go into detail but vaguely said that the government would use all the levers at its disposal to reduce the impact on families and individuals.

"A ticking time bomb": SA dismayed as unemployment rate rises to 35.3 per cent

In similar news, South Africans are facing a bleak reality following Statistics South Africa's (Stats SA) announcement that the unemployment rate has reason yet again in the fourth quarter of 2021.

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The rate of joblessness went from 34.9% to 35.3% from October to December 2021. This translates to 7.9 million in South Africa who are without work.

The latest Quarterly Labour Force Survey was released on Tuesday, 29 March and shows that an additional 270 000 individuals became jobless in the last quarter. On the bright side 262 000 people found employment in the fourth quarter and that brought the employment stats to 14.5 million employed individuals in South Africa.

Source: Briefly News