PRETORIA, For the second year in a row, the South African Revenue Service (SARS) has broken the one-trillion-Rand (about 74.38 billion US dollars) mark in revenue collection.
The SARS has collected in gross terms 1.367 trillion Rand, making the preliminary outcome for the 2016/17 fiscal year, net of refunds of 222.4 billion rand, therefore 1.144 trillion Rand, says SARS Commissioner Tom Moyane.
“As at midnight, 31 March 2017, SARS had collected R1.144 trillion in line with the revised estimate as announced by the former Minister of Finance in the February 2017 Budget speech,” he told a media briefing heren Monday. Also present wasnew Finance Minister Malusi Gigaba.
Gigaba, who said he had received a warm reception at SARS, said his mandate was to support the revenue service in the execution of its duties. “We take the responsibility of this economy very seriously and with the greatest degree or urgency,” added the Minister.
Moyane said the revenue realisation was made even more difficult given significantly declining consumption levels constrained further by an interest rate hike cycle and deteriorating business confidence.
The SARS said Personal Income Tax (PIT) which had for long being the anchor of revenue collections under-performed by 15.2 billion Rand.
Source: NAM NEWS NETWORK