{"id":61509,"date":"2024-02-22T11:43:45","date_gmt":"2024-02-22T11:43:45","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/edward-kieswetters-r300-billion-tax-headache"},"modified":"2024-02-22T11:53:26","modified_gmt":"2024-02-22T11:53:26","slug":"edward-kieswetters-r300-billion-tax-headache","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/edward-kieswetters-r300-billion-tax-headache","title":{"rendered":"Edward Kieswetter\u2019s R300 billion tax headache"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Despite the South African Revenue Services\u2019 (SARS) efforts to increase tax compliance, the country\u2019s tax gap is still an estimated R300 billion.<\/p>\n

This is according to PwC in its 2024 Budget Preview, which said SARS is finding some success towards its goal to increase voluntary compliance and regain taxpayer trust.<\/p>\n

In his 2024 Budget Speech on Wednesday, the Finance Minister said visible progress has been made in rebuilding and modernising SARS.<\/p>\n

\u201cThe tax authority has expanded the tax register, improved debt collections and reduced fraudulent refunds and trade valuations. This has led to improvements in revenue collection.\u201d<\/p>\n

\u201cThese and other efforts have assisted with the improvement in revenue.\u201d<\/p>\n

Many concerns surrounded this year\u2019s Budget as the government faces a R347 billion deficit for 2023\/24 due to overspending and lower-than-expected tax revenue.<\/p>\n

While some expected the government to implement major tax hikes or austerity measures to narrow this deficit, both options were unlikely in an election year where the ruling party seeks to be re-elected.<\/p>\n

Therefore, many believed the government may rely on SARS to focus on tax compliance to increase revenue.<\/p>\n

In November 2023, the Finance Minister said that, alongside measures to stabilise public finances and reform the economy, South Africa\u2019s most effective way of funding the government is through an efficient tax administration.<\/p>\n

He said SARS would continue its focus on enforcing compliance in areas such as debt collection, fraud prevention, curbing illicit trade, voluntary disclosures, and encouraging honest taxpayers to comply voluntarily.<\/p>\n

However, despite these efforts, South Africa\u2019s tax gap \u2013 the difference between taxes legally owed and taxes collected \u2013 is still an estimated R300 billion.<\/p>\n

Collecting this difference would almost erase the 2023\/24 fiscal deficit of R347 billion.<\/p>\n

PwC\u2019s 2023 Taxing Times Survey assessed corporate taxpayers\u2019 perceptions of the tax system, their experiences with SARS, and topics like compliance.<\/p>\n

\u201cGiven SARS\u2019 drive to improve voluntary compliance and regain taxpayer trust, PwC is of the view there has never been a more critical time for us to assess how organisations and their tax functions are operating,\u201d the firm said.<\/p>\n

\u201cIn The Wealth of Nations (1776), Adam Smith argued that taxation should follow four principles, namely fairness, certainty, convenience and efficiency.\u201d<\/p>\n

\u201cConvenience relates to the ease of compliance for taxpayers: the simplicity of the process for collecting or paying taxes.\u201d<\/p>\n

PwC\u2019s survey found that 8% of survey participants \u2018strongly agree\u2019 and 43% agree\u2019 that it has become easier to comply with their tax obligations \u2013 a marginal majority of 51%.<\/p>\n

This is, however, a 6 percentage point improvement from the 2022 results and indicates that a small majority of corporate responders have a favourable view on the topic.<\/p>\n

The positive trend in compliance feedback is not surprising, the firm said. \u201cSince the publication of our first survey in 2018, the local tax environment has changed significantly.\u201d<\/p>\n

\u201cIn the case of compliance matters, for example, SARS\u2019 Strategic Plan 2020-2024 lists \u2018make it easy for taxpayers and traders to comply with their obligations\u2019 as one of its strategic goals.\u201d<\/p>\n

\u201cIt also aims to \u2018detect taxpayers and traders who do not comply, and make non-compliance hard and costly\u2019.\u201d<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Despite the South African Revenue Services\u2019 (SARS) efforts to increase tax compliance, the country\u2019s tax gap is still an estimated R300 billion. This is according to PwC in its 2024 Budget Preview, which said SARS is finding some success towards its goal to increase voluntary compliance and regain taxpayer trust. In his […]<\/p>\n","protected":false},"author":84,"featured_media":61508,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-61509","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nEdward Kieswetter\u2019s R300 billion tax headache - South Africa<\/title>\n<meta name=\"description\" content=\"Despite the South African Revenue Services\u2019 (SARS) efforts to increase tax compliance, the country\u2019s tax gap is still an ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/edward-kieswetters-r300-billion-tax-headache\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Edward Kieswetter\u2019s R300 billion tax headache\" \/>\n<meta property=\"og:description\" content=\"Despite the South African Revenue Services\u2019 (SARS) efforts to increase tax compliance, the country\u2019s tax gap is still an ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/edward-kieswetters-r300-billion-tax-headache\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-22T11:43:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-22T11:53:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/02\/sm_1708590142.838717.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"768\" \/>\n\t<meta property=\"og:image:height\" content=\"432\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/edward-kieswetters-r300-billion-tax-headache#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/edward-kieswetters-r300-billion-tax-headache\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Edward Kieswetter\u2019s R300 billion tax headache\",\"datePublished\":\"2024-02-22T11:43:45+00:00\",\"dateModified\":\"2024-02-22T11:53:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/edward-kieswetters-r300-billion-tax-headache\"},\"wordCount\":526,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/edward-kieswetters-r300-billion-tax-headache#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/02\/sm_1708590142.838717.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/edward-kieswetters-r300-billion-tax-headache#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/edward-kieswetters-r300-billion-tax-headache\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/edward-kieswetters-r300-billion-tax-headache\",\"name\":\"Edward Kieswetter\u2019s R300 billion tax headache - 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