The South African Revenue Service (SARS) has emphasised that the new revenue collection target for the 2017/18 financial year is R1.265-trillion.

It noted that an incorrect revenue target had been stated in media reports following the launch of tax season by Finance Minister Malusi Gigaba and SARS Commissioner Tom Moyane in Soweto on Monday.

“SARS wishes to inform the media that the new revenue target for the 2017/18 financial year is R1.265-trillion

“This figure is not set by SARS but is determined by the Revenue Analysis Working Committee (RAWC) comprising of National Treasury‚ South African Reserve Bank and SARS‚ which analyses and forecasts economic developments‚” the revenue collection agency said.

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It added: “SARS has for the last two years‚ broken the trillion rand mark when the preliminary outcome for the 2016/17 financial year was R1.144-trillion.

“This extra-ordinary 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.”