Sars aims to collect R1.265 trillion this tax season
SOUTH AFRICA With the 2017 tax season in full swing, the South African Revenue Service (Sars) is targeting revenue collection of R1.265 trillion.
“Sars wishes to inform the media that the new revenue target for the 2017/18 financial year is R1.265 trillion,” Tom Moyane (Commissioner :Sars). The tax season opened on 1 July for eFilers, while it opened on Monday 3 July for those filing their tax returns at Sars branches. Sars said it does not determine the revenue target but that it is determined by the Revenue Analysis Working Committee (RAWC). The committee comprises National Treasury, the South African Reserve Bank (SARB) and Sars, which analyses and forecasts economic developments.
Sars has, for the last two years, broken the trillion rand mark. The preliminary outcome for the 2016/17 financial year was R1.144 trillion. “This extraordinary 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,” said Moyane.
Last year’s tax season saw Sars receive 6.31 million income tax returns. Tax season is the single biggest annual engagement between ordinary citizens and Sars.