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Financial boffins query Gigaba’s motive for SARS inquiry

Thursday, 09 November 2017   (0 Comments)
Posted by: Author: Graeme Hosken
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Author: Graeme Hosken, (Timeslive)

Finance Minister Malusi Gigaba's surprise announcement of an inquiry into South Africa's tax administration has financial experts querying his motive.

In a statement‚ issued on behalf of Gigaba on Tuesday‚ National Treasury said the minister had approached President Jacob Zuma to urgently establish an inquiry into the tax administration and governance of SARS.

"The Minister has informed the SARS Commissioner of this proposed inquiry and the Commissioner has expressed his support for it and willingness to cooperate.

“We expect this inquiry to be constructive and to strengthen the institution. It is critical for government to determine the cause of the tax revenue under-collection to enable urgent remedial steps to be taken to ensure that SARS is able to meet its revenue targets set out in the Medium Term Budget Policy Statement and Budget.”

Treasury stated the inquiry would help assess what factors were responsible for the under-collection of revenue by SARS‚ and what needed to be done to improve revenue collection.

Treasury said while the economic cycle was the most likely and significant factor driving lower revenue collection‚ other factors could also be at play‚ like weakening tax morality and challenges facing tax administration.

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