South Africa nets more tax than expected.

Position:FINANCE - Brief article
 
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South Africa's Finance Minister Pravin Gordhan has reported that the SA Revenue Service (Sars) collected R674.2bn ($100bn), $297m higher than the revenue target set in the February budget and $ll.2bn more than was collected in the previous financial year. Furthermore, the forecast budget deficit of 5.3% is expected to be only 5%, as preliminary government spending was $900m lower than budgeted.

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Gordhan said collections from personal income tax were slightly below expectations as average wage settlements in 2010 were lower than in 2009. Companies' tax collections exceeded expectations by 0.7%. The minister...

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