Pretoria - Finance Minister Nhlanhla Nene and South African Revenue Service Commissioner Tom Moyane will on Wednesday brief the media on the preliminary revenue collection results for 2014/15 after setting a revised revenue collection target of R979 billion for the fiscal year.
After almost a decade of meeting or exceeding revenue targets due to successful reforms, Sars struggled following the 2008 recession and has had to revise revenue targets downwards.
This year’s targets will be hit by a five-month strike in the platinum mining industry and strikes in other sectors.
The Treasury needs to raise R15 billion a year over the next three years.
In 2015, a personal income tax hike was implemented for the first time in almost two decades.
ANA