- Jul 11, 2005
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Oh well, at least he didn't announce any new taxes.
Income R1 Trillion at best.Speaking about the revised fiscal framework, Mboweni says that total consolidated budget spending, including debt service costs, will exceed R2 trillion for the first time ever.
He says SA will also miss its tax target by R300 billion.
"Gross tax revenue collected during the first two months of 2020/21 was R142 billion, compared to our initial forecast for the same period of R177.3 billion.
"Put another way – we are already R35.3 billion behind on our 2020/21 target. As a consequence, grosstax revenue for the 2020/21 fiscal year isrevised down from R1.43 trillion to R1.12 trillion. That means that we expect to miss our tax target for this year by over R300 billion."