SARS reaches trillion milestone

Monday, February 26, 2018

The South African Revenue Service (SARS) has reached the one trillion threshold in revenue collection, it said on Monday.

“SARS is pleased to announce that it has crossed the psychological threshold of the one-trillion rand mark in its revenue collection efforts,” it said.

The revenue service reached the one trillion rand mark on Thursday. This is the third year in a row that SARS reached this milestone.

SARS Commissioner Tom Moyane said the achievement was testament to the organisation’s commitment to reaching the increased revenue target of R1.217-trillion, which was announced by the Minister of Finance in his Budget Speech on Wednesday.

The Commissioner said he was confident that the SARS revenue management structures and the staff in all regions of the country would deliver the revenue needed by South Africa.

“We are focused on closing all revenue leakages through non-compliance and our staff will spare no effort in reaching the revenue target by 29 March, even though the economy is not performing to our expectations,” said Commissioner Moyane.

“We believe that our efforts will provide government with the requisite fiscal space to free up resources for its developmental objectives while allowing it to better manage the levels of debt we are facing,” he said.

In July 2017, the revenue service announced that the revenue target for the 2017/18 financial year is R1.265 trillion. – SAnews.gov.za

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