Feb 4, 2000|
Tax collections up 17% in January
According to the latest estimates released by the government, tax collections have jumped 17% in the month of January. The surge is tax collection has been supported by a 146% jump in corporate tax collections in the month of January.
From a cumulative point of view, tax mobilisations have grown at 16% between April – January 2000. The pick up in collections has gathered steam only in the latter half of the year. This is apparent from the jump in tax collections during January. The rise in corporate tax collections in January is sure to stimulate talk of a recovery in corporate profitability (see the survey on business confidence by the NCAER).
Whether the jump in tax collections will make up for the slack in the earlier part of the year as yet remains to be seen. A large shortfall could lead the government grappling with a larger fiscal deficit. This could lead it to consider increasing taxes (or imposing new ones) in the coming year.
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