THE South African Revenue Service (SARS) has managed to collect R1.216 trillion in the 2017/18 financial year.

Finance Minister Nhlanhla Nene made the announcement at a briefing on Tuesday morning.

“SARS collected a gross amount of R1451.0 billion which was offset by refunds of R234.3 billion, resulting in net collections of R1216.6 billion (R1.216 trillion),” said Minister Nene.

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The R1216.6 billion, which is a preliminary result and is subject to a final audit, falls short of the forecasted revised estimate announced by the Minister of Finance in the February 2018 Budget speech of R0.7 billion which is 0.06%.

Despite falling short of its target, the taxman said the collection represents a growth of R72.4 billion (6.3 per cent) compared to the 2016/17 financial year.

The main sources of revenue that contributed to the R1216.6 billion were Personal Income Tax (PIT) at R462.5 billion (38.0 per cent), Value-Added Tax (VAT) at R297.8 billion (24.5 per cent), Company Income Tax (CIT) at R220.2 billion (18.1 per cent) and customs contributed R49.4 billion (4.1 per cent).

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