OWN CORRESPONDENT, Pretoria | Friday 12.45pm
THE Department of Finance said on Friday that inland revenue and customs and excise receipts of R17,51-billion were collected in October, which was 1,2% less than the same month last year.
The ministry said in its monthly report on the progress of the budget that total revenue in the first seven months of the financial year amounted to R106,91-billion, which was 7,1% higher than the same period in 1998.
It also detailed proceeds of R3,12-billion from the restructuring of state assets, primarily of Sasira, the old apartheid state’s special risk insurance fund. Privatisation is to raise R7,5-billion over 1999/2000.
Total exchequer requisitions, which measure funds requested but not necessarily spent by government departments, came to R14,85-billion or 5% less than October, 1998.
Over the first seven months of 1999/2000, total requisitions were R124,85-billion, or 5,2% more than the same period of 1998/99.
The ministry said that the government’s net borrowing requirement for 1999/2000 now stands at R17,2-billion, against a budgeted amount of R21,1-billion, following previously announced revisions to expenditure and revenue.
Revenue from income tax during October, compared with the same month last year, rose 10,9% to R10,82-billion.