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SARS aims to collect 1.3t in taxes in 2017/18 fiscal year

SARS aims to collect 1.3t in taxes in 2017/18 fiscal year

JOHANNESBURG: The South Africa Revenue Services (SARS) has acknowledged that it has set its extraordinary revenue target for this year’s tax season in a strained economic environment as it aims to collect R1.3 Trillion for the 2017/2018 tax season.

“This extra-ordinary revenue target has been set in a strained economic environment and will see SARS put in extra effort to continue to bolster the national purse,” the SARS said.

The credit rating of Africa’s most industrialised country has been downgraded to “junk” by two of the three biggest rating agencies, the economy has slipped into recession and the unemployment rate is close to 28 percent, a 14-year high.

Financial strategist Nerina Visser says, “Make sure that you get all your ducks in a row and hopefully in that way one can expedite the tax return process, something that I don’t think any of us really like to do.”