The South African Revenue Service Commissioner Edward Kieswetter will announce the preliminary revenue collection outcome for the 2021-2022 financial year in Pretoria on Friday afternoon. Preliminary results are yet to be subject to detailed financial reconciliation and a final audit.
In this year’s February budget, government announced that higher commodity prices, resilient corporate income and improved collections of personal income tax and VAT contributed to a tax windfall gain of R181-billion. This took total revenue to a record high of one-point-five-trillion-rand compared to a previous projection of R1.3-trillion.
Government announced that it would use a portion of the additional revenue to accelerate debt stability, address urgent social needs, promote job creation through the presidential employment initiative, and support the public health sector.
Over the past two years, SARS has focused on broadening the tax base, improving administration, and lowering tax rates. The 2022 Budget proposals include inflationary relief through a 4.5% adjustment in personal income tax brackets, zero increase to the fuel levy, and a one-percent reduction in corporate income tax.
GOING LIVE @ 14:00!
SARS Commissioner, Mr. Edward Kieswetter announces the preliminary revenue collection outcome for 2021/22 today @ 14:00.
Catch the live broadcast on SARS TV: https://t.co/sFb1IORUn2#SARSRevenue
— SA Revenue Service (@sarstax) April 1, 2022