South Africa's 2015/16 tax revenue collection beats expectations

by Reuters 14 views0

South Africa's 2015/16 tax revenue collection beats expectations

South Africa collected 1.07 trillion rand ($730 million) in revenue during the 2015/16 fiscal year, 200 million rand above its previous target.

But Finance Minister Pravin Gordhan said weak economic growth would generate insufficient revenue to finance all government projects.

 

“The growth expectation of 0.9 per cent for 2016 is not nearly enough to generate the kind of revenue that enables us to fund all of government’s programmes,” Gordhan said.

($1 = 14.7575 rand)