JOHANNESBURG - TOM MOYANE, the Commissioner of the SA Revenue Service (Sars), yesterday committed the revenue authority to achieving an increased revenue target for the 2017/18 financial year.
This comes after Finance Minister Malusi Gigaba on Wednesday increased the expected revenue that has to be collected for the South African fiscus by end of March from R1214.7billion to R1217.3bn. This is a marginal increase of R2.6bn and stems from improved company and trade taxes collected since the last quarter of 2017.
Sars has a R48.2bn revenue shortfall this financial year, revised down from R50.2bn, and Gigaba raised some taxes to generate an additional R36bn for the fiscus. Moyane said the revenue authority was committed to maximising revenue collection for the government’s development agenda, despite the lacklustre economy.
He said that the fiscal stability of the country was ultimately dependent on the ability of Sars to collect all revenue due to the fiscus. The country's sovereign debt levels have risen to 53.3percent of GDP.
- African News Agency