On 24 June 2020, South Africa’s Minister of Finance, Tito Mboweni, delivered the 2020 Supplementary Budget review (the Review).
Key tax highlights from the Review include:
- The expectation is that tax revenue collections for 2020/21 will be R304.1 billion (21%) lower than the initial 2020 Budget estimate (R1.425 trillion). Revenue shortfalls are said to include tax relief measures (R26 billion) in foregone revenue implemented as part of the COVID-19 relief packages and the expectatio…