Higher refunds at SARS result in R14.6 billion deficit | Fin24
The SA Revenue Service announced on Monday afternoon that it had collected R1 287.6bn in tax for the financial year ended March 31 2019, some R14.6bn 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 302.2bn 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 575.4bn which was offset by refunds of R287.8bn, resulting in net collections of R1 287.6bn. The net revenue outcome of R1 287.6bn represents a growth of R71.2bn compared to the 2017/18 financial year."
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