The projected revised estimates of the total tax revenue for the 2011/12 financial year amounts to R728.6 billion, while the total budget revenue amount to R814.2 billion. The PIT, CIT and VAT make up 34.7 per cent, 19.8 per cent, and 25.7 per cent, respectively, of the total tax revenue. The gross tax revenue is projected to increase by 8.1 per cent in nominal terms during the 2011/12 financial year. Compared to the 2011 National Budget's estimates, the estimated gross tax revenue is revised downward by R13.0 billion to R728.6 billion. The 2011 MTBPS indicates that this has been mainly as a result of downward revision of VAT receipts to R187.5 billion. Furthermore, the revenue collection for the 2011/12 financial year and the forecast for the 2012/13 financial year reflect weaker economic conditions. The overall budget has been revised downwards by R10.3 billion in the 2011/12 financial year and by R18.8 billion in the 2012/13 financial year.