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 on Tuesday.<\/p>\n
“It’s noteworthy that on the last day [of the fiscal year], 31st March, R8 billion was collected,” he told reporters in Johannesburg.<\/p>\n
Last year, Sars collected R814.1 billion, R85.6 billion less compared to this year.<\/p>\n
The R899.7 billion collected was a net figure, with over R1 trillion collected and R191.2 billion paid back in refunds.<\/p>\n
Given the preliminary target had been reached, government would be able to meet its four percent deficit target, which Gordhan described as “excellent”.<\/p>\n
“Our fiscal position can be consolidated, reducing the amounts that need to be borrowed,” he said.<\/p>\n
“Most of the taxes have performed extremely well.”<\/p>\n
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).<\/p>\n
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.<\/p>\n
CIT accounted for R179.9 billion, R1.2 billion (0.7%) above what was estimated. R160.9 billion was collected last year, with this year’s CIT collections 11.8% higher.<\/p>\n
VAT accounted for R237.7bn of revenue collected, R1.6 billion (-0.7%) below Sars’s revised estimate. VAT collections were 10.6 percent higher than last year.<\/p>\n
Sars reveals increase in tax returns<\/strong><\/a><\/p>\n Sars reveals 9.6% rise in tax revenue<\/strong><\/a><\/p>\n