May 5, 2020 / 9:55 AM / 20 days ago

South Africa's revenue shortfall to reach $15 billion due to coronavirus - tax commissioner

CAPE TOWN, May 5 (Reuters) - South Africa’s tax revenue losses due to the coronavirus impact and credit ratings downgrades could amount to as much as 285 billion rand ($15.5 billion) in the current fiscal year, the commissioner of the revenue services said on Tuesday.

“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 285 billion (rand),” commissioner Edward Kieswetter told a parliamentary briefing. ($1 = 18.4082 rand) (Reporting by Wendell Roelf; Writing by Mfuneko Toyana; Editing by Alex Richardson)

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