Ina Opperman
Business Journalist
4 minute read
11 Dec 2020
4:55 pm

South Africa lost R125.4 billion in taxes during lockdown

Ina Opperman

Regarding the hard Covid-19 lockdown earlier in the year, tax expert Johan Troskie asks: 'Did we shoot ourselves in the foot?'

File image. The statistics paint a grim picture of a tobacco and alcohol ban during the early stages of the lockdown that was not based on sound research. Picture: AFP/RODGER BOSCH

"Every R1 million, let alone the R1 billion lost to the SA economy, has a massive impact throughout the economy. This will be seen in job losses, less tax recovered and a marked impact on economic activity." says tax lawyer Johan Troskie. A staggering R125.4 billion, almost a fifth of the R500 billion relief fund for the pandemic. All gone. This is the total loss to the fiscus for all the taxes reviewed for the period January 2020 to October 2020, compared to 2019, based on the National Treasury’s national monthly income figures. The R34.6 billion lost to taxes on...