Gordhan projects tax-recovery period

2011-07-19 07:00

It will take three to four years for South Africa’s tax revenue to recover from the impact of a 2009 recession, Finance Minister Pravin Gordhan has said.

“Our revenue loss was just over R60 billion,” Gordhan said, adding the tax to gross domestic product (GDP) ratio had fallen to about 25% of GDP from 28.5% before the recession.

“It will take three to four years to recover from the impact of the recession,” Gordhan said, speaking to local investors from asset management and land retirement funds industry.

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