JOHANNESBURG – The South African Revenue Service says that it believes that the factors that caused revenue collection to drop in the past financial year will not hinder it from meeting its target in
the next one.
The revenue collector on Monday announced a tax collection of R1.2 trillion for 2018/2019 - that’s a R14.6 billion shortfall from the targeted R1.3 trillion.The tax collector said that its R14.6 billion deficit was largely caused by higher refunds, but the acting chief executive of customs and excise Mamiky Leolo said that this was not likely to be the case in the next financial year.
“Last year, we mentioned at the Medium-Term Budget Policy Statement we were given an opportunity to release or ease off our credit book, and therefore in the 2019/2020 financial year we are not expecting that kind of outflow of refunds that we saw in the 2018/2019 financial year.” Leolo said that in the projection for next year’s target, this year’s results and the performance of the macroeconomy were thoroughly considered.
Sars said it was important to note that these were preliminary results and would be subject to a detailed financial reconciliation and a final audit.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sars collects R1.28 trillion in 2018/2019, misses R1.3 trillion targetActing commissioner Mark Kingon presented the results on Monday afternoon.
Read more »
Union says it will intensify Sars strikeUnion says it will intensify Sars strike as tax agency prepares to release preliminary revenue collection data for 2018/2019
Read more »
Load shedding, increase in Sars refunds impacted revenue collection - KingonHe announced Sars collected about R1.28 trillion for the 2018/2019 year missing its target by almost R15 billion.
Read more »
Tax revenues record shock shortfall | Business | M>he turmoil that Sars has been under in recent years, was again evident in the preliminary tax collections figures on Monday, where it reported revenue shortfalls for the 2018/19 year reached R57.4-billion.
Read more »
Tax revenues record shock decline | Business | M>he turmoil that the South African Revenue Service (Sars) has been under in recent years, was again evident in the preliminary tax collections figures on Monday, where it reported revenue shortfalls for the 2018/19 year reached R57.4-billion.
Read more »
Sars collects R1.28 trillion in 2018/2019, misses R1.3 trillion targetActing commissioner Mark Kingon presented the results on Monday afternoon.
Read more »
Sars undershoots revenue target, againThe amount collected was R14.6bn short of the revised estimate announced in February, but represents growth of R71.2bn from what was collected in 2017/2018
Read more »
Sars misses revenue collection target for fifth year in a rowSars has once again undershot the Treasury’s revenue target.
Read more »