Estimates show SARS exceeded its revenue target mark by R300,000
New finance minister Malusi Gigaba says South African Revenue Service's collection efforts spared Treasury from going to the market to borrow money
On Monday, newly appointed Finance Minister Malusi Gigaba said "tough and unpopular decisions needed to be made" to ensure radical economic transformation. Gigaba was speaking at a media briefing of the South African Revenue Service (SARS). SARS released its preliminary tax collection figures for the 2016-17 financial year against the backdrop of a downward revision of its target by R30bn. SARS commissioner Tom Moyane said by midnight on Sunday, the authority had collected R1.144-trillion as aligned with the February budget speech. The preliminary estimates showed that SARS had exceeded the mark by R300,000. Moyane said SARS broke the trillion-rand mark for the second year in a row. But growth of 8.6% in refunds outstripped revenue growth of 7%. Moyane added: "This level of precision to achieve revenue estimates have been commented on favourably by the IMF. This achievement reflects a year-on-year growth of 7%, which is normally achieved in boom times." SA's economy grew 0.3% in 201...
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