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Load shedding, increase in Sars refunds impacted revenue collection - Kingon

He announced Sars collected about R1.28 trillion for the 2018/2019 year missing its target by almost R15 billion.

A video screengrab of acting Sars Commissioner Mark Kingon giving his testimony at the Nugent Commission of Inquiry in Pretoria on 19 October 2018. Picture: YouTube.

JOHANNESBURG - Outgoing acting Sars commissioner Mark Kingon says South Africans cannot ignore the effects load shedding has had on businesses.

He announced Sars collected about R1.28 trillion for the 2018/2019 year missing its target by almost R15 billion.

Company income tax (CIT) accounted for 16.7% of that figure but collections in that category contracted by 2.5% from last financial year.

Kingon says instability on the power front and an increase in refunds have had a material effect on collection.

“We look at CIT’s specifically and look at the top 30 companies in a large business space, we had an over R11 billion drop in that space specifically.”

(Edited by Shimoney Regter)

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