Coronavirus Credit Rating Currency Debt Economy Finance Government South Africa Tax

South Africa’s revenue shortfall to reach US$15B due to coronavirus – tax commissioner

South Africa’s tax revenue losses due to the coronavirus impact and credit ratings downgrades could amount to as much as R285B (US$15.5B) in the current fiscal year, the commissioner of the revenue services said on Tuesday (May 5th).

“Whilst it is early days, revenue losses could be anywhere between peaking at between 15 and 20 percent lower and that translates into a revenue loss of up to R285B” commissioner Edward Kieswetter told a parliamentary briefing.

*(US$1 = R18.4082)

Source: Reuters

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