The 2015 Tax Statistics bulletin was released on Tuesday‚ showing that personal income taxes remained the largest source of total revenue collected despite weak economic growth and high unemployment.
According to the bulletin‚ for the 2014 tax year‚ there were 16.8 million registered individual taxpayers in South Africa.
There were 4.9 million individuals‚ working for 429‚691 employers‚ who were assessed who contributed to Personal Income Tax (PIT) and “further taxpayers who are not required to submit returns who also have employees tax deducted”‚ a joint statement by the National Treasury and the South African Revenue Service said.
“PIT was the largest source of total revenue collected for 2014/15 totalling R353.9-billion (35.9%).”
According to the bulletin 67% of the 2014 assessed individual taxpayers had taxable income below R250 000‚ earned 31.7% of the total taxable income and contributed 14% of the tax assessed. About 9.7% of the 2014 assessed taxpayers had taxable income above R500‚000 and were liable for 57.4% of the tax assessed.
For the 2014/15 fiscal year there were 679‚274 entities registered for value added tax (VAT) of which 420‚940 (62%) were active. VAT collections grew by 9.9% for 2014/15 compared to the previous fiscal year.
VAT was the second largest contributor to total tax revenue for 2014/15‚ totalling R261.3-billion (26.5%).
According to the bulletin‚ “a significant number of VAT vendors (39.6%) had a turnover of R1-million or less‚ yet accounted for only 2.1% of domestic VAT payments and 4.9% of VAT refunds. In contrast‚ 2.6% of VAT vendors had an annual turnover greater than R100-million‚ they accounted for 63% of domestic VAT payments and 76.% of VAT refunds.”
For the 2013 tax year nearly 2.7 million companies were registered for different tax types that apply to businesses.
“About 652‚847 companies were assessed by SARS. About 26% of companies that were assessed had positive taxable income (profit); 45% had taxable income equal to zero and the remaining 29% reported an assessed loss.
“Corporate Income Tax (CIT) was the third largest contributor to total revenue for 2014/15‚ totalling R186.6-billion (18.9%).
“Of the total number of companies assessed by SARS for the 2013 tax year‚ 113‚926 were Small Business Corporations and paid tax at the applicable graduated income tax rate instead of a fixed CIT rate of 28%‚” the statement said.
Tax revenue collected amounted to R986.3bn in the year ended March this year – which was a 9.6% growth on the previous fiscal year.
The 2015 Tax Statistics Bulletin provides an overview of tax revenue collection and tax return information for the 2010/11 to 2014/15 fiscal years‚ and the 2011 to 2014 tax years respectively.
Personal income taxes remain largest source of revenue
The 2015 Tax Statistics bulletin was released on Tuesday‚ showing that personal income taxes remained the largest source of total revenue collected despite weak economic growth and high unemployment.
According to the bulletin‚ for the 2014 tax year‚ there were 16.8 million registered individual taxpayers in South Africa.
There were 4.9 million individuals‚ working for 429‚691 employers‚ who were assessed who contributed to Personal Income Tax (PIT) and “further taxpayers who are not required to submit returns who also have employees tax deducted”‚ a joint statement by the National Treasury and the South African Revenue Service said.
“PIT was the largest source of total revenue collected for 2014/15 totalling R353.9-billion (35.9%).”
According to the bulletin 67% of the 2014 assessed individual taxpayers had taxable income below R250 000‚ earned 31.7% of the total taxable income and contributed 14% of the tax assessed. About 9.7% of the 2014 assessed taxpayers had taxable income above R500‚000 and were liable for 57.4% of the tax assessed.
For the 2014/15 fiscal year there were 679‚274 entities registered for value added tax (VAT) of which 420‚940 (62%) were active. VAT collections grew by 9.9% for 2014/15 compared to the previous fiscal year.
VAT was the second largest contributor to total tax revenue for 2014/15‚ totalling R261.3-billion (26.5%).
According to the bulletin‚ “a significant number of VAT vendors (39.6%) had a turnover of R1-million or less‚ yet accounted for only 2.1% of domestic VAT payments and 4.9% of VAT refunds. In contrast‚ 2.6% of VAT vendors had an annual turnover greater than R100-million‚ they accounted for 63% of domestic VAT payments and 76.% of VAT refunds.”
For the 2013 tax year nearly 2.7 million companies were registered for different tax types that apply to businesses.
“About 652‚847 companies were assessed by SARS. About 26% of companies that were assessed had positive taxable income (profit); 45% had taxable income equal to zero and the remaining 29% reported an assessed loss.
“Corporate Income Tax (CIT) was the third largest contributor to total revenue for 2014/15‚ totalling R186.6-billion (18.9%).
“Of the total number of companies assessed by SARS for the 2013 tax year‚ 113‚926 were Small Business Corporations and paid tax at the applicable graduated income tax rate instead of a fixed CIT rate of 28%‚” the statement said.
Tax revenue collected amounted to R986.3bn in the year ended March this year – which was a 9.6% growth on the previous fiscal year.
The 2015 Tax Statistics Bulletin provides an overview of tax revenue collection and tax return information for the 2010/11 to 2014/15 fiscal years‚ and the 2011 to 2014 tax years respectively.
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