JOHANNESBURG- The South African Revenue Service has collected R1.216 trillion in revenue for the 2017/2018 tax year, Finance Minister Nhlanhla Nene has announced.
The amount collected is lower than R1.27 trillion the figure expected by former Finance Minister Malusi Gigaba.
The main source of the revenue was from Personal income tax Value-Added Tax (VAT) and Company Income Tax (CIT).
More details to follow.
#SARS has failed to meet its #revenuecollection target for the 2017/2018 year. The revenue service has collected R1.216 Trillion, lower than the forecast R1.217 Trillion announced by former Finance Minister Malusi Gigaba. KM
— EWN Reporter (@ewnreporter) April 3, 2018
Nene: we are expecting to collect over 22.9 Billion Rand from the recent VAT increase. KM
— EWN Reporter (@ewnreporter) April 3, 2018
Nene: we are anticipating GDP growth of up to 1.5% in 2018, and more that 2% in 2019. KM
— EWN Reporter (@ewnreporter) April 3, 2018
#SARS has collected R446.3bn for PAYE with a growth of 8.6% year on year. This is a drop from last year’s 9.2%. KM
— EWN Reporter (@ewnreporter) April 3, 2018
Photo Credit- EWN
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