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Individual Tax Consultant Randburg

SARS collects R986.4bn in tax revenue in the 2014-15 financial year

2 Apr 2015

The South African Revenue Service (SARS) has collected R986.4bn in tax revenue in the 2014-15 financial year, which ended on March 31, supported by growth in personal income tax revenue.

SARS collects R986.4bn in tax revenue in the 2014-15 financial year

This is higher than the downwardly revised target of R979bn Finance Minister Nhlanhla Nene set in the 2015 budget speech.

Nene said revenue growth "remained resilient", despite weak economic growth and low business confidence.

He said the higher revenue collected was partly due to a significant improvement in SARS's compliance measures.

Personal income tax revenues amounted to R353.8bn, which was R3bn above the revised estimate in the budget.

Corporate income tax revenues were R186.9bn, R2.3bn above the revised estimate in the budget.

Value added tax revenues were R261.1bn, R500m higher than the revised estimate in the budget.

Nene said corporate income tax revenues would have contracted had it not been for SARS's improved compliance measures.

Source: BDpro

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