South Africa’s tax revenue up 10%

South Africa's tax revenue up 10%
South Africa’s tax revenue up 10%

Tax revenue grew by R68.5 billion in the last financial year to R742.6 billion, R3.9 billion more than forecast by the Minister of Finance Pravin Gordhan when he presented his 2012 Budget in February, the South African Revenue Service (Sars) said on Monday.

Releasing its 2012 Tax Statistics report, Sars noted that the 10% increase in tax revenue in the 2011/12 financial year (from R674 billion in 2010/11) stands in marked contrast to 2009/10 when tax revenue contracted by 4%, following the 2008 global economic crisis.

As he prepares to present his Medium-Term Budget Policy Statement on Thursday and amid continuing uncertain economic times for South Africa, Gordhan will welcome the almost R4 billion in extra tax.