Tuesday 13 November 2018
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maverick - 18 days ago

The Moyane Contagion: SARS – R20bn VAT refund backlog wipes out revenue expected from the VAT hike

The Medium-Term Budget Policy Statement reflects how State Capture at the tax collector is negatively impacting on South Africans, ripping a R20-billion hole in a tightly-stretched national purse. That’s the amount of the accumulated backlog of value-added tax refunds that must be repaid by March 2019. To put that number into context: the VAT hike to 15% from 1 April 2018 was expected to raise just short of R23-billion. This is a fully home-brewed tale of damaging institutions from the inside that unfolded

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