Johannesburg - The SA Revenue Service (Sars) has collected R899.7 billion the past financial year, surpassing its target of R899bn, Finance Minister Pravin Gordhan said on Tuesday.
“It's noteworthy that on the last day (of the fiscal year), 31st March, R8bn was collected,” he told reporters in Johannesburg.
Last year, Sars collected R814.1bn, R85.6bn less compared to this year.
The R899.7bn collected was a net figure, with over R1 trillion collected and R191.2bn paid back in refunds.
Given the preliminary target had been reached, government would be able to meet its four percent deficit target, which Gordhan described as “excellent”.
“Our fiscal position can be consolidated, reducing the amounts that need to be borrowed,” he said.
“Most of the taxes have performed extremely well.”
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).
A total of R310.5bn in PIT was collected, which was R778 million (0.3 percent) higher than estimated. R276.7b was collected last year.
CIT accounted for R179.9bn, R1.2bn (0.7 percent) above what was estimated. R160.9bn was collected last year, with this year's CIT collections 11.8 percent higher.
VAT accounted for R237.7bn of revenue collected, R1.6bn (-0.7 percent) below Sars's revised estimate.
VAT collections were 10.6 percent higher than last year. - Sapa