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SA Revenue Service's misses tax collection target

by Staff reporter
01 Apr 2020 at 16:34hrs | Views
SARS has collected R1.356 trillion in tax revenue so far for the 2019/20 fiscal year compared to the 2019 national budget estimate of R1.422 trillion.

The revenue agency's financial year runs from 1 March to 28 February of the following year.

Commissioner Edward Kieswetter made the announcement on Wednesday. He was speaking at a media briefing on the preliminary results announcement for the 2019/20 fiscal year.

"At the start of the year we knew the challenges we would face would be steep due to the sluggish economy and the state of SARS. We did not imagine we would close the year with the impact of the coronavirus and an investment downgrade.

"Notwithstanding, we believe that the revenue result of a year-on-year growth is a credible performance given the current economic environment," said Kieswetter.

Speaking on the impact of the Covid-19 pandemic and the downgrade of SA's credit rating to non-investment grade by Moody's on Friday, Kieswetter said that it would be up to Finance Minister Tito Mboweni to adjust revenue collection estimates for the coming year.

"Where the current phenomena of Covid-19 will lead us to, we have to be agile, we have to be responsive. We will collaborate and work with our Treasury colleagues with the guidance of the minister. For now the revenue targets stand and we work to that," said Kieswetter.

Source - news24