Gordhan: Recession cost R60bn in tax

Johannesburg - 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 said on Tuesday.

"Our revenue loss was just over R60bn," Gordhan said, adding the tax to 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

Source: www.fin24.com

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