Higher refunds at Sars result in R14.6bn deficit
The South African Revenue Service (Sars) announced on Monday afternoon that it had collected R1 287.6-billion in tax for the financial year ended March 31 2019, some R14.6-billion less than what was estimated in the Budget.
The tax agency's acting head Mark Kingon made the announcement in Pretoria. The 2019 Budget estimated a tax haul of R1 302.2-billion for the past financial year.
"It should be noted that these are preliminary results, which will be subject to detailed financial reconciliation and a final audit." the agency said in a statement.
While Sars collected more tax in total in the year ended March 31, it also paid out more in refunds.
"The gross amount collected is R1 575.4-billion which was offset by refunds of R287.8-billion, resulting in net collections of R1 287.6-billion. The net revenue outcome of R1 287.6-billion represents a growth of R71.2-billion (5.8%) compared to the 2017/18 financial year."
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation