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JohnDough
 
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SARS funds SANRAL with R3.2 billion

03 April 2014, 13:33

As with any other legal business entity SANRAL is subject to the Valued Added Tax Act of South Africa. This allows them to claim any Input Tax charged on goods and services procured in order for them to conduct day-to-day business. They have to then deduct any Input Tax from any Output Tax they charge to their customers and then pay or claim the difference from SARS.

Using round figures the Input Tax from the –e-toll development is around R3 200 000 000 and while this was claimed over the development period it also means that SARS financed SANRAL by the same amount as there was zero income or very little Output Tax for SANRAL until 3 December 2013. In other words, a nice fat tax and interest free SARS loan at our expense once again.

Now that SANRAL is an income generating concern are they paying SARS the difference between Input Tax and Output Tax? If so that must be denting their cash flow considering that only 9% of invoices issued have been paid.

In fact, I wonder if SANRAL is fully SARS compliant. Somehow I doubt it. SANRAL can suckmytoll-e.co.za

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