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South Africa Issues 2014 Tax Statistics Bulletin

by Lorys Charalambous, Tax-News.com, Cyprus

05 November 2014


The 2014 Tax Statistics bulletin, which provides an overview of tax revenue collection and tax return information for the 2009/10 to 2013/14 fiscal years, and the 2010 to 2013 tax years, was jointly released by South Africa's National Treasury and the South African Revenue Service (SARS) on November 4.

This is the seventh edition of the publication, the objective of which is to publicize tax revenue data trends to provide insight for policymakers, researchers, and economic analysts. It was disclosed that the Davis Tax Committee, in its evaluation of South Africa's tax system, has made extensive use of tax statistics published previously.

Highlighted in the report was an increase in the taxpayer base. In the 2013 tax year, there were 15.4 million registered individual taxpayers and 6.7 million paid personal income tax (PIT). PIT was the largest source of tax revenue, at 34.5 percent of the total, reaching ZAR310.9bn (USD28.1bn).

In addition, in the 2012 tax year, nearly 2.2m companies were registered for the different tax types that apply to businesses. Some 625,800 companies were assessed by SARS. About a third of those companies had positive taxable income; about a third had taxable income equal to zero; and the remaining third reported a loss.

Of the total number of companies assessed by SARS for the 2012 tax year, 112,170 were small business corporations and paid tax at the applicable graduated income tax rate instead of the fixed corporate income tax (CIT) rate of 28 percent.

Corporate income tax (CIT), accounting for 19.8 percent of revenues, was the third largest contributor to total government revenue for 2013/14, totaling ZAR179.5bn.

Finally, there were more than 662,000 entities registered for value added tax (VAT) of which nearly 420,800 were active. VAT collections grew by 10.5 percent for 2013/14 compared with the previous fiscal year, and, at 26.4 percent of total tax revenue, VAT was the second largest contributor, totaling ZAR237.7bn.

TAGS: individuals | South Africa | tax | small business | business | value added tax (VAT) | corporation tax | tax rates | revenue statistics | individual income tax | Africa | Tax

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