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Gigaba: Decline in revenue collection prompted Sars probe

Former Finance Minister Malusi Gigaba says investors and rating agencies raised concerns with him.

A screengrab of former Finance Minister Malusi Gigaba appearing before the Nugent Commission of Inquiry on 31 August 2018.

PRETORIA – Former Finance Minister Malusi Gigaba says that he first proposed the idea of a commission of inquiry into the South African Revenue Service (Sars) because of the decline in revenue collection, as well as tax morality.

Gigaba is testifying at the Nugent Commission of Inquiry in Pretoria on Friday.

Over the last two weeks, the commission has heard of the strained relationship between Sars, its Commissioner Tom Moyane and Treasury.

Gigaba says investors and rating agencies raised concerns with him.

"I tabled this proposal to the former president, who had agreed with me. I tabled the same proposal to the new president, President Ramaphosa, who also agreed with me. He then acted promptly in announcing the commission."

The minister says he raised these concerns with successive presidents.

"Which had to do with public perception and investor perception of the institution. We had experienced a significant revenue shortfall amounting close to R51 billion under collection, related to illicit financial flows."

WATCH: Gigaba, Nene appear before Nugent Commission

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