Brian Sokutu
Senior Print Journalist
3 minute read
8 Apr 2021
5:05 am

Commodity markets, metal prices, boost Sars’ tax collection

Brian Sokutu

Sars has reported collecting R1.25 trillion – beating February’s estimate, revised upwards from the Treasury’s gloomy prediction in October.

South African Revenue Service (Sars) Commissioner, Edward Kieswetter. Picture: Jacques Nelles

Economists have attributed the surge in mining profits – which contributed largely to the more than R38 billion in taxes in the past financial year by the SA Receiver of Revenue (Sars) – to the strong performance of many commodity markets and a hike in the price of metals. Sars has reported collecting R1.25 trillion – beating February’s estimate, revised upwards from the Treasury’s gloomy prediction in October. Minerals Council chief economist Henk Langenhoven said the outbreak of the Covid-19 pandemic posed “a particularly challenging year, not only for the mining industry, but for South Africa and the world”. ALSO...