Africa Energy South Africa

Sars Lost An Estimated R60BN In Revenue Due To Power Cuts

This comes after Sars said that its final revenue collection was almost R1.69 trillion in the 2022/23 financial year, down from R2 trillion after it paid refunds to taxpayers.

Sars said that businesses lost at least 3,000 hours in production time during the year, making it the highest loss in five years.

Kieswetter said that this meant that sales and profits had reported massive drops as well.

“VAT is the tax that would immediately respond to load shedding as sales come under pressure. Company tax is also affected by load shedding.”

Kieswetter said that Sars was still counting the cost.

“We are obviously refining our understanding of the impact and the timing as some of these may only manifest over a period – for example, value-added tax in some instances are delayed and corporate income tax may spill over more than one financial year.”

Source: EWN