SARS 2017-18 revenue collection lagging behind by end-November
The South African Revenue Service (SARS) collected R699bn in tax revenue by end-November‚ representing 56.2% of the R1.265-trillion projected in the 2017-18 national budget.
By the same time last year‚ R672bn‚ or 59% of the audited outcome‚ had been collected‚ according to a statement by Treasury on national revenue‚ expenditure and borrowing as at November 30.
Of the R482bn targeted in the budget for tax collection from individuals‚ R282bn had been collected by end-November compared with R262bn for the same period in 2016-17.
Corporate tax collection amounted to R98.3bn by end-November against a target of R219bn compared with the R95bn collected during the same period last year.
With regards to VAT‚ a total of R186.5bn had been collected by end-November against the budget target of R312.8bn‚ compared with R180.8bn last year.
Expenditure by end-November amounted to R894bn‚ or 63.4% of the budgeted amount‚ compared to the same period last year when R841bn (64.4%) of the audited outcome had been spent.