JOHANNESBURG: The South African Revenue Service says it expects tax revenue collections to have marginally exceeded targets last fiscal year.
The agency said depressed economic growth had had an impact on revenues, which led to an earlier decision to revise down the revenue target for the year.
According to provisional figures released by the agency, revenues were just ZAR300,000 (USD21,800) higher than targeted. It said: “The Revenue performance of 2016/17 was characterized by key shifts in the revenue portfolio, Personal Income Tax, for long being the mainstay of revenue, declined from levels exceeding 12 percent to below 9 percent.”
“Import taxes were adversely stunted by declining import levels of goods that attracted value-added tax and duties.”
The largest contributor to the tax mix continued to be personal income tax, which accounted for 37.2 percent of total revenue, followed by customs and excise taxes at 27 percent, VAT at 25.5 percent, and corporate income tax at 18.1 percent.
