SARS commissioner Edward Kieswetter has accepted the revised revenue estimate presented by Finance Minister Enoch Godongwana.
Image: Flickr, remained confident in accepting the revised revenue estimate presented by Minister of Finance,In his Budget Speech n Wednesday, Godongwana announced an increase in the revenue estimate to R1.846 trillion, from R1.841 trillion announced in last year’s Medium-Term Budget Policy Statement .
By implementing its compliance programme effectively, SARS is better positioned to collect all revenue due to the fiscus.Overall employment and consumption taxes have and are expected to perform strongly towards the end of the 2024/25 financial year whilst import taxes and fuel levies are expected to underperform.
The lower-than-expected growth in wages, and subsequent adverse impact on personal income taxes, was offset by the higher than estimated tax from pension fund withdrawals as well as a year-on-year growth in compliance revenue.Domestic VAT, which was projected to grow at a rate of 7.1% in the 2024 Budget, has steadily maintained its growth projection.
In the same period, VAT refund payments were R338.0 billion reflecting growth of R21.3 billion from the previous financial year. The Y/Y contraction is due to a poorer performance from Platinum Group Metals as well as Coal commodity prices, largely driven by fluctuations in global demand. To meet the challenge posed by the revised estimate of R1.846 trillion, SARS will continue to sharpen its approach to tax collection that involves enhancing compliance measures. It will also continue to employ advanced data analytics, machine-learning algorithms, and artificial intelligence, to improve service to taxpayers, whilst improving its capability to detect and respond to general non-compliance and serious tax crime.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Enoch Godongwana caught on hot mic slamming SARS boss Edward KieswetterFinance Minister Enoch Godongwana was caught on a live microphone venting his frustration at SARS commissioner Edward Kieswetter.
Read more »
SACP backs Kieswetter in suggestion that capacitating SARS better could resolve SA revenue shortfallThe SACP said government must not think empowering SARS is a benevolent gesture, insisting that it’s the fundamental duty of the state.
Read more »
Finance minister says no bad blood with SARS Commissioner KieswetterKieswetter said that the comments he made in January about bolstering the revenue service over raising taxes were deliberately planted at budget time.
Read more »
Orlando Pirates move in on Cape Town City star!Orlando Pirates could finally get their man once the 2024/25 season wraps up.
Read more »
Finance Minister Caught Venting Anger at SARS CommissionerFinance Minister Enoch Godongwana's frustration with SARS Commissioner Edward Kieswetter was inadvertently captured on a live microphone after a press conference regarding the postponement of the 2025 budget announcement. The incident occurred when Godongwana was discussing Kieswetter's reported advice against tax hikes and his preference for increased investment in SARS.
Read more »
Sars Commissioner urges G20 leaders to focus on tax collection, not hikesSars Commissioner Edward Kieswetter addresses G20 delegates, advocating for improved tax collection methods instead of increasing taxes on citizens.
Read more »