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The South African Revenue Service (SARS) welcomes the upwardly revised revenue collection estimate announced by the Minister of Finance Tito Mboweni in his 2021 Budget Review presentation in Parliament today.

For the financial year ending 31 March 2019, SARS collected an amount of R1 287.6 billion, against the 2019 Budget estimate of R1 302.2 billion resulting in a deficit of R14.6 billion (-1.1%).

SARS welcomes the commitment made by the Minister of Finance Tito Mboweni to reduce the budget deficit and achieve higher economic growth when he presented the Medium Term Budget Policy Statement (MTBPS) in Parliament earlier today.

SARS welcomes the upwardly revised revenue collection estimate announced by Minister of Finance, Mr Enoch Godongwana. In his 2022 Budget Review speech, Minister increased the revenue estimate to R1 547.07 billion from the February 2021 budget estimate of R1 365.1billion. The 2021/22 revenue yield is expected to result in the tax-to-GDP ratio reaching 24.7%, which is higher than pre-COVID level and that indicates that the extraction rate is on a positive trajectory.