Tax revenue has doubled in the past 10 years, says SARS
Tax revenue has doubled in the past 10 years, according to data from the South African Revenue Service (SARS). Speaking at the launch of the Tax Statistics for the past 10 years, SARS’s head of revenue and research, Randall Carolissen, said personal income tax had been the biggest contributor since the 2008-09 financial crisis. Revenue increased from R572.8bn in 2007-08 to R1.144-trillion in 2016-17, up R571.3bn. In this period, the total revenue collected was R8.13-trillion. Revenue from personal income tax increased from 29.6% in 2007-08 to 37.2% in 2016-17. In the medium-term budget policy statement, Finance Minister Malusi Gigaba estimated the tax revenue deficit to be R50.8bn in 2017-18; that is the highest deficit since the 2009 recession. The budget deficit is also projected to widen from 3.1% to 4.3% of GDP.