Goverment releases nine-month revenue and expenditure figures
The one percentage point increase in VAT amounted to R26bn for the year under review
Government revenue for the nine months to end-November amounted to R766.2bn, or 58% of the R1.321-trillion in main budget revenue estimated in the February budget.
Figures provided by the Treasury in its statement of national revenue expenditure and borrowing for the period to end-November showed that in the same period last year, R698.7bn had been collected, or 58.4% of the budget revenue target for that year.
Government expenditure for the nine months amounted to R943.8bn, or 62.4% of the budget estimate compared with R893.7bn (63.6%) for the same period in 2017-2018.
The figures showed that a total of R305.2bn had been collected by Sars from personal income tax in the nine months to end-November, compared with R282.3bn in the previous year; R100.6bn in corporate tax compared with the previous year’s R98.3bn; and R212.7bn in VAT compared to R186.5bn previously.
The much larger amount collected in VAT reflects the one percentage point increase in the VAT rate to 15% that took effect from April 1.