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Economic Impact

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Tax chief Edward Kieswetter says revenues are being hit by reduced economic activity, the number of businesses that were unlikely to survive the impact of Covid-19, and the rapid rise of illicit and criminal economic activities, especially since the banning of tobacco and alcoholic products.Image: Martin Rhodes
ECONOMIC IMPACT

Tax shock: Covid-19 and cigarette and booze bans cost SA almost R300bn

The SA Revenue Service (Sars) is set to lose almost R300bn in tax revenue due to the economic impact of the coronavirus and the latest sovereign credit ratings downgrade by Standards & Poor’s. This was disclosed to MPs on Tuesday by Sars…

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