SARS announces R1.2-trillion revenue collection

WEB_PHOTO_BRANDSA_16_PM_160316

Quick tips to surviving January or should we say, JanuWorry.

JOHANNESBURG – The South African Revenue Services (SARS) announced on Tuesday that it collected R1,216.6-billion in the 2017/18 financial year.

SARS collected a gross amount of R1,451-billion, which was offset by refunds of R234.3-billion, resulting in net collections of R1,216.6-billion. 

Finance Minister Nhlanhla Nene said the main sources of revenue that contributed to the R1.2-trillion were personal income tax, value-added tax (VAT) and company income tax.

EXPLAINER: How the VAT hike will hit your pocket

Nene announced that personal income tax contributed R462.5-billion (38 percent), VAT contributed R297.8-billion (24.5 percent), Company Income tax contributed R220.2-billion (18.1 percent) and customs contributed R49.4 -billion (4.1 percent).

“It should be noted that these are preliminary results, which will be subject to final audit,” Nene said.

“The preliminary result is very close within the 0.06 percent to the forecasted estimate of R1,2174-billion announced by the minister in the budget speech.

“It represents growth of R72.4-billion, which was 6.3 percent compared with last year&39;s revenue."