Rate this item
  • 0.00 / 5 5
(0 votes)

Source: http://www.engineeringnews.co.za/article/sars-revenue-collection-increases-by-63-yy-but-misses-treasury-target-2018-04-03

The South African Revenue Service (Sars) collected R1.216-trillion for the 2017/18 financial year, representing growth of R72.4-billion, or 6.3%, year-on-year.

This was, however, lower than the R1.217-trillion target set by the National Treasury during the 2018 Budget speech.

The main sources of revenue that contributed were personal income tax, value-added tax (VAT) and company income tax.

Finance Minister Nhlanhla Nene on Tuesday said the 2017/18 financial year had been characterised by distinct and clearly delineated growth patterns.

Until December 2017, revenue in aggregate grew by 6.2% year-on-year.

For the period from December 2017 to February 2018, revenue growth accelerated to between 9.5% and 15.5%, strengthening aggregated year-on-year growth to about 7.3%.

Nene attributed this to an improvement in business confidence to levels last seen in 2015, resulting in an improved profit outlook and provisional payments.

From the above article it is clear that SARS is struggling and in my opinion will push, going forward, more stringent compliance audits to try to mitigate shortfalls in collections.

Previous Post Impact of the Vat Change Effective 01 April 2018 on Transactions
Next Post Salary payment still best option for business owners

Leave a Reply

0
Connecting
Please wait...
Send a message

Sorry, we aren't online at the moment. Leave a message.

Your name
* Email
* Describe your issue
Login now

Need more help? Save time by starting your support request online.

Your name
* Email
* Describe your issue
We're online!
Feedback

Help us help you better! Feel free to leave us any additional feedback.

How do you rate our support?

Pin It on Pinterest

Share This