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Sars collects R814bn - Gordhan

Sars managed to collect more money than it had targeted.

South African Revenue Services commissioner Oupa Magashule, and the service’s spokesperson Adrian Lackay. Picture: Reinart Toerien/EWN.

JOHANNESBURG - Finance Minister Pravin Gordhan on Tuesday said the South African Revenue Services (Sars) collected more money than forecast for the 2012-2013 fiscal year.

Gordhan announced the preliminary outcome of revenue collection at a briefing in Pretoria.

He said Sars set a target of collecting R810 billion but ended up collecting R814 billion.

"Getting R14 billion extra in the current circumstances is a remarkable achievement. A combination of extra revenue and some element of under-spending is likely to send our deficit to below 5 percent."

The minister also said he was encouraged by the increase in tax paid by small and medium enterprises.

"They have shown a lot more resilience and a bigger contribution to tax. There is some energy and life in the small and medium enterprise sector."

Listen here to Sars commissioner Oupa Magashule speak about the R814 billion collected in taxes.