Sars reported a revenue shortfall for 2018/2019.
A new commissioner, labour woes and a fifth consecutive revenue shortfall - here is how the South African Revenue Service has dominated headlines in the past week. Sars reported a revenue shortfall for 2018/2019, making it the fifth shortfall year.
The initial shortfall estimate was R 1,345bn, which was later revised down to R1,318bn in October 2018 and down to R1,302bn by February. On Monday Sars released its preliminary results, which show that the tax agency collected R1,287bn revenue for the year ending in March 2019. This is a growth from the 2017/18 financial year by R71.2bn. The prelim revenue is R57.4bn less than the initial amount.
Outgoing acting Sars commissioner Mark Kingon said the weaker economic outlook can be attributed to slow improvement in production and employment due to poor investment growth in 2018, among other things.
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