The South African Revenue Service (SARS) collected R1-trillion in taxes, it said on Thursday — an important milestone in its target of R1.217-trillion for the government’s 2018 financial year. SARS commissioner Tom Moyane said in a media statement on Monday that the revenue service had "crossed the psychological threshold of the R1-trillion mark " for the third year in a row. In his budget speech on February 21, Finance Minister Malusi Gigaba announced that the anticipated taxes to be collected by the end of March had increased from R1.215-trillion to R1.217-trillion. SARS improved collection by R2.6bn to come in under the R50bn shortfall projected in October 2017, based on an improvement in company and trade taxes collected in the fourth quarter of 2017. However, SARS’s failings and a decline in tax morality have contributed to revenue shortfalls on a scale not seen since the financial crisis, putting pressure on public finances. "We believe that our efforts will provide the govern...
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