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Strikes cost R12bn in taxes
A wave of wildcat mining strikes that gripped South Africa last year caused a R12bn shortfall in much-needed state revenue, Finance Minister Pravin Gordhan said Wednesday (3 April).
Image: GCIS
The country collected R814.1bn for the year to March, which Gordhan said was "admirable" but nonetheless R12bn below his budget expectation.
The amount represented an increase of just under 10%, with personal taxes making up the biggest chunk of income.
Corporate taxes grew by just 5.1%, mostly due to "the poor performance in the mining sector and the direct consequences of unprotected strikes in the industry."
"The mining sector reported losses of R6bn in provisional tax revenue," he said."The direct and indirect impact on tax revenue is estimated to be above R11.3bn," said Gordhan.
The hard-hit mining sector also helped push growth downward from 3.5% in 2011 to 2.5% last year.
Amid the slow growth South Africa's government is struggling to bring down its fiscal deficit that is hovering just above 5% of the country's total output.
Source: AFP via I-Net Bridge
Source: I-Net Bridge
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