ARTICLE · 03 MARCH 2023

2023 SNG Grant Thornton Budget Analyis

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Azwinndini Magadani a Partner in the Tax business at SNGGT published the article named 2023 Budget analysis on 23 February 2023.

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Azwinndini Magadani

2023 BUDGET ANALYSIS

On 22 February 2023, Minister of Finance Enoch Godongwana delivered his 2023 Budget speech amid stage 6 of load shedding, rising cost of living and high level of youth joblessness. We provide herewith the analysis and the commentary of the some of the major budgetary items:

2022 Projected tax revenue versus projected actual

In the 2022 Budget, the main budget revenue for 2022/23 was projected to be R1.6 trillion. South African Revenue Service (SARS) is now expected to collect tax revenue amounting to R1,69 trillion for 2022/23, an amount which is R93.7 billion higher than the budgeted revenue. The positive variance of R93.7 was as a result of better-than-expected collections mainly from the mining sector due to the sector experiencing favorable high commodity prices. A continued recovery from the pandemic among companies in manufacturing and financial sectors also contributed to this strong revenue performance.

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