The South African Revenue Service has collected R1.216 trillion in revenue for the 2017/2018 tax year, Finance Minister Nhlanhla Nene has announced.
The figure collected was lower than the R1.27 trillion forecast by former Finance Minister Malusi Gigaba.
The main sources of revenue that contributed to this were Personal Income Tax (PIT), Value-Added Tax (VAT) and Company Income Tax (CIT).
“The purchasing managers' index indicated a recovery in the manufacturing sector which translated in improved company income tax from this sector. In the prior year, companies anticipated an increase in the dividend tax rate which changed from 15% to 20% effective 22 February 2017,” Nene said.