Faizel Patel, Radio Islam News – 03-04-2018
The South African Revenue Service (SARS) has collected R1.216 trillion in revenue for the 2017/2018 tax year, a drop of R0.7 billion (0.06%) short of the forecasted Revised Estimate R1.217trillion announced by the Minister of Finance in February 2018 Budget speech.
Finance Minister Nhlanhla Nene made the announcement at SARS headquarters in Pretoria on Tuesday morning.
Sars says the main sources of revenue that contributed to the R1216 trillion were Personal Income Tax (PIT), Value-Added Tax (VAT) and Company Income Tax (CIT).
According to SARS, R1.451trn was collected, refunds amounted to R234.3bn bringing the net figure to R1.216trillion.
It represents a growth of R72.4 billion (6.3%) compared to the 2016/17 financial year.
In a statement Sars says despite this decline in compliance, most taxpayers continue to perform their tax obligations diligently.
“Today SARS wants to say a huge thank you to all South Africans for this massive contribution to our future growth and development.”
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