The South African Revenue Service (SARS) has announced a revenue target of R1.265 trillion for the 2017/2018 financial year. This announcement was made at the launch of the tax season on Monday by Finance Minister Malusi Gigaba and SARS commissioner Tom Moyane.
“This figure is not set by SARS but is determined by the Revenue Analysis Working Committee (RAWC) comprising of National Treasury, South African Reserve Bank and SARS, which analyses and forecasts economic developments,” explained SARS.
In the past two years SARS has exceeded the trillion Rand mark in revenue. The tax entity highlighted that the preliminary outcome for the 2016/2017 financial year was R1.144 trillion. At the launch of the 2016 tax season, a revenue target of R1.175 trillion was set, with SARS exceeding this target.
Last year saw 4.16 million tax submissions by individuals sent to SARS. For more information on last year’s tax season, click here.
With regards to this year’s revenue target, SARS noted: “This extra-ordinary revenue target has been set in a strained economic environment and will see SARS put in extra effort to continue to bolster the national purse.”
