SARS TAX RECORD
The South African Revenue Services (Sars) has collected R1.07tr in taxes in the 2015/16 financial year – a new record for the agency – and reflecting a year-on-year increase of 8.5%. The increase in collections was hailed given the tough economic climate, with the country facing declining GDP growth. Personal income tax collections were up 10% to R389.3bn, while corporate income tax collections grew 3.7% to R193.5bn. VAT collections were 7.4% higher at R280.8bn, it said.