Big blow for VAT in South Africa as load shedding claims another victim

[BusinessTech]

Big blow for VAT in South Africa as load shedding claims another victim

Load shedding is taking its toll on national sales and in turn tax collection.

 

[B-1]

Not to worry there are more registered tax payers than ever.

/s

 

[ToxicBunny]

Yay, so R60bn loss in VAT collections would equate to around R400bn in lost sales.

 

[epah]

 

[Magnum]

 

[EL'Diablo]

F

 

[Fulcrum29]

Currently, from my own experience, most business is coming from foreigners.

 

[rvZA]

If they lost this much in VAT collection, I can't help but wonder what they lost in PAYE collections after all these jobs that are being shed by all companies. Especially the job losses that is about to come after companies losing out on all these sales. I already know of one large vehicle financing house that is about to close doors real soon.

 

[RedViking]

Yay, so R60bn loss in VAT collections would equate to around R400bn in lost sales.

The long term lost is devastating. Too much for our people to comprehend though.

 

[ToxicBunny]

The long term lost is devastating. Too much for our people to comprehend though.

They're numbers and processes that most of our people just don't comprehend at all.

 

[WollieVerstege]

1. Lower VAT is due to lower consumption of goods and services.
2. This in turn will lead to lower corporate / business taxes, due to lower consumption of goods and services.
3. Then businesses will start cutting back and eventually retrench, leading to a reduction in PIT
4. Repeat.

 

[Spats]

Auditors see things that are bleak for the country.

 

[rvZA]

Auditors see things that are bleak for the country.

This far they do not disappoint if you look at the economy. There's probably a reason why they are appointed in these positions and earn the money they do.

 

[grok]

F

If you intended to type uckoff SARS then I agree. Go state capture yourself some more..

 

[lkpat]

History has proven that we need to sink lower before the ANC is voted out.

 

[maumau]

Just put VAT up to 20%



/s