BANKSETA AR 31 AUGUST

PERFORMANCE INFORMATION

Linking Performance with Budgets

20YY/20ZZ

20XX/20YY

Programme/ Activity/ Objective Budget contribution to QCTO

Actual Expenditure

(Over)/Under Expenditure Budget

Actual Expenditure

(Over)/Under Expenditure

Budget

R’000

R’000

R’000

R’000

R’000

R’000

5 793

5 793

0

3 951

3 951

0

Revenue Collection

2020/2021 Actual Amount Collected

2021/2022 Actual Amount Collected

Sources of Revenue

(Over)/Under Collection Estimate

(Over)/Under Collection

Estimate

R’000 32 000

R’000 45 071

R’000 13 071

R’000 40 500

R’000 47 719

R’000 7 219

1. Revenue from exchange transactions 2. Revenue from non-exchange transactions

632 515

599 048

-33 467

733 373

848 244

114 871

Revenue From Exchange Transactions

Revenue From Non-Exchange Transactions

Investment revenue fromexchange transactionswas 39 per cent greater than budgeted due to the BANKSETA having a larger investment pool than budgeted due to discretionary grant and project expenditure being lower than budget. The average rate of 3.99 per cent is in line with budget. Capital Investment

The levy receipt for the current year was 10 per cent higher than the budgets for the year. There was a four month levy holiday in the prior year, therefore the prior year amounts are not comparable. The major stakeholders rebounded from the negative impact of the Covid-19 restrictions on the economy and posted strong results. This was reflected in the skills development levy receipts. The levels are, however, still not at the pre-Covid levels. Included in this category is Skills Development Levy: Penalties and Interest From Non-Exchange Transactions. Income from penalties and interest arise when employers fail to comply with taxation legislation, either through late or incorrect declarations or late payments. The level of such penalties and interest indicates the non-compliance in the sector. These level of interest and penalties amounts typically significantly vary from year to year. The full amount received is made available for discretionary projects. This year the amount decreased by 9.4 per cent from the prior year. This analysis indicates that it is a few big bank levy payers with tax compliance matters.

BANKSETA does not have infrastructure projects.

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PART B: PERFORMANCE INFORMATION | BANKSETA ANNUAL REPORT 2021/22