Ricochet News

SARS commits to increased revenue target

Feb 22, 2018
SARS commits to increased revenue target

The Commissioner for the South African Revenue Service (SARS), Tom Moyane, on Thursday committed the revenue authority to achieving the increased revenue target for the 2017/18 financial year.

This comes after Finance Minister, Malusi Gigaba, on Wednesday increased the anticipated revenue that has to be collected for the fiscus by end of March from R1 214.7-billion to R1 217.3-billion.

This is a marginal increase of R2.6-billion and stems from improved company and trade taxes collected since the last quarter of 2017.

Commissioner Moyane said the revenue authority was committed to maximising revenue collection for government’s development agenda, despite the lacklustre economy.

He added that the fiscal stability of the country was ultimately dependent on the ability of SARS to collect all revenue due to the fiscus.

“SA’s sovereign debt levels have increased to 53.3% of GDP. The cost of servicing this large debt of R163.2bn, one of the fastest growing line items on the government expenditure framework, is stripping away revenue from much needed social imperatives faced by our nation,” Commissioner Moyane said.

“South Africa depends on the 14 000 SARS officials who have consistently delivered on very tough revenue estimates every year.

"We have put in place the necessary regional revenue management structures to track taxpayer compliance down to granular level and the results are proving to be positive. We are working much smarter with greater intensity to close any revenue gaps and leakages."