‘Taxpayers need full confidence in spending of tax revenue’

The Finance Minister confirmed on Tuesday that the South African Revenue Services came close to meeting its collection target for the last financial year, raking in R1.216 trillion.

FILE: Nhlanhla Nene. Picture: GCIS.

JOHANNESBURG - Finance Minister Nhlanhla Nene says its vital that all taxpayers have full confidence that every cent provided to the fiscus will be well spent.

The minister confirmed on Tuesday that the South African Revenue Services (Sars) came close to meeting its collection target for the last financial year, raking in R1.216 trillion.

Sars missed its target for the previous financial year, a gap the Treasury said was partially to blame for the nearly R49 billion budget shortfall.

Last month, President Cyril Ramaphosa suspended the head of Sars, Tom Moyane, pending disciplinary action, citing a deterioration in public confidence over numerous scandals.

Treasury announced in February it would raise value-added tax to 15% from 14% to generate an additional R23 billion of revenue.