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Trevor Manuel the 'envy' of African finance ministers

By unknown | Apr 02, 2008 | COMMENTS [ 0 ]

Robert Laing

Robert Laing

South African Revenue Services maintained its record of beating targets, collecting R572billion during the tax year that ended on February 29.

This is R744million more than estimated in February and R15,2billion higher than SARS's original 2007 target.

Trevor Manuel said in a teleconference from a meeting of African finance ministers in Addis Ababa, Ethiopia: "I'm the envy of everyone here."

Individuals are South Africa's biggest taxpayers. Personal income tax contributed 30percent of SARS's takings. The tax man collected slightly more than targeted, and 20percent more than a year ago thanks to strong salary raises and employment growth during the year.

Individuals also pay VAT on groceries, and South Africa's 14percent consumption tax was the second biggest slice of SARS's tax collection pie.

Companies contributed a quarter of the country's taxes.

SARS's annual results included a breakdown of the contribution of different sectors for the first time.

Manufacturers contributed 22percent of company income tax, followed by mines with 12percent, and financial services with 11percent were the third biggest taxpayers.

Manuel said the past finan-cial year had marked the first time manufacturers were the most profitable sector of the economy.

Secondary tax on companies, a 10percent additional tax that companies pay on profit they distribute as dividends, came in slightly lower than forecast.


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