South Africa targets $98 bn in taxes in 2017/18 fiscal year: SARS

  • July 6, 2017

South Africa aims to collect 1.3 trillion rand ($98 billion) in taxes during the 2017/18 fiscal year that ends in March, versus the 1.14 trillion rand revenue a year earlier, the tax agency said on Tuesday.

“This extra-ordinary revenue target has been set in a strained economic environment and will see SARS put in extra effort to continue to bolster the national purse,” the South Africa Revenue Services said.

The credit rating of Africa’s most industrialised country has been downgraded to “junk” by two of the three biggest rating agencies, the economy has slipped into recession and the unemployment rate is close to 28 percent, a 14-year high.

($1 = 13.2443 rand)

Source Reuters

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