CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. South Africa Heading For Large Revenue Surplus, Says SARS Chief

South Africa Heading For Large Revenue Surplus, Says SARS Chief

by Robert Lee, Tax-News.com, London

21 August 2002


Speaking at a press conference on Monday, South African Revenue Service (SARS) Commissioner, Pravin Gordhan revealed that a tax revenue surplus of at least R5 billion is expected for fiscal 2002/03.

Accompanied by Finance Minister, Trevor Manuel, the Inland Revenue chief told reporters of his confidence that the tax authority's collection levels will once again beat budget revenue estimates, revealing that as of Monday - the deadline for tax submissions for the current financial year - SARS was ahead of target.

'We're sitting at a five billion rand surplus, which we hope to sustain at least,' he explained.

Part of the reason for the improved tax collection figures is the revamp undergone by the revenue service, which was aimed at increasing compliance and more efficiently weeding out corporate and individual tax evaders.

The tax authority has already - at the request of the sector's leaders - completed a survey of cash and carry retailers in South Africa, which uncovered more than R100 million in unpaid VAT. A similar exercise within the clothing and taxtiles sector is planned for later in the year.


To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »