Sars collects R1.4tr in taxes – up 5.3% on a year before, despite the recession
The South African Revenue Service (Sars) collected R1.4 trillion in tax revenue during the 2019/2020 tax year, up 5.3% on the year before.
Commissioner Edward Kieswetter released the agency’s preliminary collection results on Wednesday.
Kieswetter bemoaned the country’s loss of more than R100 billion in uncollected taxes due to non-compliance, aggressive tax planning and VAT fraud.
This year Sars will deploy a high-tech new system utilising artificial intelligence running on supercomputers to make dodging taxes harder and more costly to pull off.
We have enormous islands of data… that we can impose artificial intelligence on to help us enforce compliance… There are more than R100 billion that should be collected that’s floating out there… it’s criminal!Edward Kieswetter, Commissioner - South African Revenue Service
The Money Show’s Bruce Whitfield interviewed Kieswetter.
We don’t want to declare early victories… a really credible performance… We lost about R60 billion as a result of the declining economy…Edward Kieswetter, Commissioner - South African Revenue Service
The good news is there is still much more to harvest in terms of compliance…Edward Kieswetter, Commissioner - South African Revenue Service
For more detail, listen to the interview in the audio below.
This article first appeared on CapeTalk : Sars collects R1.4tr in taxes – up 5.3% on a year before, despite the recession
The University of Pretoria's Centre for Entrepreneurship has launched a free National Support Portal for SMMEs.Read More
The Yoco Small Business Recovery Monitor is a live, publicly available, small business transaction data resource.Read More
Domestic workers and gardeners are allowed back at work this week, as lockdown restrictions relax under Level 3.Read More
Level 3 of lockdown started this week and business is picking up.Read More
National and business leaders have had to make some difficult decisions and will be expected to make many more as the crisis continues.Read More
The Purchasing Managers' Index remains dismal, stuck, depressed - suggesting subdued activity.Read More
As expected, the total lockdown that was in force resulted in almost zero vehicle sales.Read More
Covid-19 and the lockdown is a highly complex situation that will require new thinking that evolves over time.Read More
JB Media and Yooh Media have taken up the task of helping small businesses with advertising on their digital billboards.Read More
Transport Minister Fikile Mbalula outlined the relaxation of transport regulations under Level 3 of the national lockdown during a media briefing on Saturday.Read More