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SARS to announce the preliminary revenue collection outcome for the 2021-2022 financial year

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By Larry John Brown
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The South African Revenue Service Commissioner Edward Kieswetter will announce the preliminary revenue collection outcome for the 2021-2022 financial year in Pretoria on Friday afternoon. Preliminary results are yet to be subject to detailed financial reconciliation and a final audit.

In this year’s February budget, government announced that higher commodity prices, resilient corporate income and improved collections of personal income tax and VAT contributed to a tax windfall gain of R181-billion. This took total revenue to a record high of one-point-five-trillion-rand compared to a previous projection of R1.3-trillion.

Government announced that it would use a portion of the additional revenue to accelerate debt stability, address urgent social needs, promote job creation through the presidential employment initiative, and support the public health sector.

Over the past two years, SARS has focused on broadening the tax base, improving administration, and lowering tax rates.  The 2022 Budget proposals include inflationary relief through a 4.5% adjustment in personal income tax brackets, zero increase to the fuel levy, and a one-percent reduction in corporate income tax.

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About Larry John Brown

Larry John is a talented writer and journalist based in New York, USA. He is a valued contributor to TDPel Media, where he creates engaging and informative content for readers. Larry has a keen interest in current events, business, and technology, and he enjoys exploring these topics in-depth to provide readers with a comprehensive understanding of the issues. His writing style is characterized by its clarity, precision, and attention to detail, which make his articles a pleasure to read. Larry’s passion for storytelling has earned him a reputation as a skilled writer and a respected authority in his field.