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SARS Increases Collections by R4b| News by Staff Reporter
This is according to Finance Minister Pravin Gordhan
The SA Revenue Services (SARS) collected R742.7-billion by 31 March, R4-billion higher than the revenue target set in February.
This figure is also R68-million more than what was collected in the previous financial year.
This was announced by Finance Minister Pravin Gordhan on Sunday. He said the budget deficit had been reduced from 4,8% in February to 4,5%, citing personal tax, corporate income (CIT) tax and Value Added Tax (VAT) as the main revenue contributors.
Gordhan said while there had been growth in corporate income tax of 14,2% year-on-year this figure remained below what officials managed to collect in the 2008/09 financial year.
“This slow recovery of CIT in the main accounted for the current tax to GDP ratio which remained flat," said Gordhan.
He said SARS had done very well given the tough economic conditions, adding that with even more compliance he believed the service could continue to improve.
“Once again, the SARS has served the people of South Africa very well notwithstanding the challenges that we see in world economy,” he said.
“The vast majority of South Africans pay tax and make contributions to the fiscus by paying VAT, excise duties and the fuel levy on the goods and services they consume.”