SARS says they will meet the new budget targets.

South African Revenue Service (SARS) Commissioner Tom Moyane says, that there will be no effort spared to achieve the revenue targets for the projected 2017/2018 financial year.

In a statement on Thursday 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.”.

This commitment follows finance minister Malusi Gigaba’s announcement that government has upped the ante on the anticipated revenue that has to be collected.

During Gigaba’s Budget Speech it is said that the revenue collection authority will have to collect a total of R1 214.7 billion to R1 217.3 billion by the end of March.

The commissioner said this is "a marginal increase of R2.6 billion and stems from improved company and trade taxes collected since the last quarter of 2017,”.

Moyane said they are committed to maximising revenue collection for government’s development agenda, despite the wearisome economy.

Moyane expressed his concern on the sovereign debt levels, “SA’s sovereign debt levels have increased to 53.3% of GDP. The cost of servicing this large debt of R163.2 billion, 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,”

He said that the government's revenue stability is dependent on SARS's ability to collect all revenue due to the fiscus. “We are working much smarter with greater intensity to close any revenue gaps and leakages,”.

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Posted 23 February 2018 | Frederik Herholdt

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