SARS customs duties exceed budgeted figure

FOR THE financial year ending March 31, SARS (SA Revenue Services) reports a total revenue of R219.7-billion.
This was R7.5bn (3.5%) up on the revenue target of R212.2-bn, and R4.2-bn (1.9%) more than the revised estimate.
Customs duties also significantly exceeded the budgeted amount. They were approximately R 1.577-bn more than the printed estimate - mainly due, said SARS, to increased import values during 2000.
This was indicated by the 28.8 % increase in the value of imports during 2000/2001 - well over the 3.3 % growth recorded for the previous financial year.
Rocketing oil prices and a declining rand exchange rate are the two main factors in this value growth.