Sars surpasses tax collection target

2014-04-01 14:52

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The SA Revenue Service (Sars) has collected R899.7 billion the past financial year, surpassing its target of R899 billion, Finance Minister Pravin Gordhan said today.

“It’s noteworthy that on the last day [of the fiscal year], March 31, R29 billion was collected,” he told reporters in Johannesburg.

Last year, Sars collected R814.1 billion, R85.6 billion less compared with this year.

The R899.7 billion collected was a net figure, with more than R1 trillion collected and R191.2 billion paid back in refunds.

The government would be able to meet its 4% deficit target because the preliminary target had been reached, which Gordhan said was “excellent”.

“Our fiscal position can be consolidated, reducing the amounts that need to be borrowed,” he said.

“Most of the taxes have performed extremely well.”

The three main contributors to revenue collection over the past fiscal year were personal income tax (PIT), corporate income tax (CIT), and value-added tax (VAT).

A total of R310.5 billion in PIT was collected, which was R778 million (0.3%) higher than estimated. R276.7 billion was collected last year.

CIT accounted for R179.9 billion, R1.2 billion (0.%) more than what was estimated; R160.9 billion was collected last year, with this year’s CIT collections 11.8% higher.

VAT accounted for R237.7 billion of revenue collected, R1.6 billion (-0.7%) below Sars’s revised estimate. VAT collections were 10.6% higher than last year.

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