SARS announces collection of over R1.7 trillion net revenue
The figure is also higher than the revenue collected in the previous financial year.
FILE: The 54th conference brings together a host of global leaders, business moguls, and corporate giants to talk shop on a range of issues. Picture: Pexels
JOHANNESBURG - The South African Revenue Service (SARS) has revealed that it has collected over R1.74 trillion in net revenue for the 2023/ 2024 fiscal year.
This beats the estimates seen during the February budget.
The figure is also higher than the revenue collected in the previous financial year.
The net revenue is what the taxman collects after refunds have been paid to taxpayers.
Compared to the 2022/23 fiscal year – net revenue increased by R54 billion.
This accounts for a 3% improvement.
SARS Commissioner Edward Kieswetter said the higher revenue was driven by personal income taxes on the back of higher than estimated compensation of employees.
“This revenue performance translates to a tax-to-GDP ratio of 24,7% and a provisional tax buoyancy ratio of 0,9% at gross level and 0,7% at net revenue.”
Over R400 billion in returns was paid back to consumers, the highest ever quantum paid in refunds.