Government says the South African Revenue Service(SARS) must be capacitated to ensure continuous improvement in revenue collections.
SARS says as part of its administrative reform, it has put in measures to clamp down on illicit trade and other tax crimes with the help of some of the country’s law enforcement agencies.
SARS reported just over R1.5 trillion in revenue collections for the 2021-22 financial year.
Composition of main sources of tax revenue#SARSRevenue pic.twitter.com/STzZYrblpJ
— SA Revenue Service (@sarstax) April 1, 2022
Finance minister Enoch Godongwana addressing SARS media briefing in Pretoria on Friday, he said the tax legitimacy and perceptions of fairness in the distribution of tax burden are crucial to the willingness of citizens to pay taxes.
“Therefor, it is of outmost importance to adhere to the principles of good tax system namely efficiency equity simplicity, transparency certainty, as well as ensuring a tax system that responds to the business cycle of the economy.”
SARS media briefing in the video below:
The relaunch of the Large Business Unit at the South African Revenue Service (SARS) two years ago has added a significant boost to revenue collections amounting to half-a-trillion rand since its re-establishment.
The unit collects taxes from JSE listed companies, mining companies, multinationals and high net worth individuals.
SARS says revenue collections have been boosted by the strong economic recovery which has been elevated by higher commodity prices.
