Power cuts negatively affect revenue collection

SABC News SARS 1 - Power cuts negatively affect revenue collection

The South African Revenue Services (Sars) says power cuts and lower economic growth have resulted in lower revenue collection for 2018/19.

Sars’ acting Commissioner Mark Kingon announced the preliminary revenue collection outcome in Pretoria on Monday afternoon.

Sars missed its target by R14.6 billion for the financial year ending 31 March 2019.

Sars says revenue collection figures were also lowered by high refunds totalling nearly R300 billion.

Kingon says the largest percentage declines in revenue collections were seen in personal and company income tax.

“CIT (Corporate Income Tax ) collections contracted by 2.5%. The contraction is due to CIP refunds to large business and multiple periods that were under audit review as well as efforts to clear IT credit book, furthermore the power cuts do impact business. We need to acknowledge that. “

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