With last week’s income tax deadline still fresh in the minds of many South Africans, it is interesting to note that although the total amount of tax collected from individuals has been steadily increasing over the last four years, business tax hasn’t fared as well, with government receiving less tax from businesses in 2012/13 than in 2008/09.
Data tables released in SA’s latest Financial statistics of consolidated general government report show that individual tax payers contributed R277 billion to government coffers during the 2012/13 financial year, a 40% increase from the R197 billion reported in 2008/09. During 2008/09, businesses paid R189 billion in taxes, but this decreased to R152 billion in 2010/11. There was a moderate recovery to R181 billion in 2012/13 but that was still 5% less than the 2008/09 figure.
If you were successful in completing your ITR12 form last week, know that your inclusion as a member of the individual tax base is an extremely important one. Of the R1 trillion of total income received by government during the 2012/13 financial year, R872 billion was collected as tax. Most of this tax was collected from individuals who contributed just under a third of the total (32% or R277 billion). Value Added Tax (VAT) came second, at R215 billion (25%), followed by taxes paid by businesses (R181 billion or 21%). Excise tax contributed 10% (R89 billion), followed by other taxes (13% or R111 billion).
To download the publication and Excel data for the 2012/13 report, click here
To download the publication and Excel data for the 2008/09 report, click here