South African Revenue Service (SARS) building in Lower Long Street, Cape Town. Photo: Storm Simpson.
SARS collects record R2 trillion in taxes
SARS announced that it has collected a record-high R2 trillion in gross tax revenue for the 2022/2023 financial year.
South African Revenue Service (SARS) building in Lower Long Street, Cape Town. Photo: Storm Simpson.
The South African Revenue Service (SARS) announced its preliminary revenue collection results for the 2022/2023 financial year on Monday, 3 April.
SARS exceeds Finance Minister’s estimates
SARS said it is the first time since the Revenue Service was formed that it has collected more than R2068.billion in gross tax, a 9.7% increase from the previous year. “The amount paid in refunds is also the largest ever paid since its formation.”
“SARS employees, compliant taxpayers and traders, tax practitioners, citizens, as well as other stakeholders in the tax eco-system, are all nation builders as we work together towards the goal of deepening our democracy and overcoming the challenges of high levels of poverty, unemployment and inequality,” said SARS Commissioner Edward Kieswetter.
According to News24, SARS’s gross revenue is R123 billion above what Finance Minister Enoch Godongwana estimated in the 2022 budget speech.
“Our country is reaping the benefits of a more efficient and effective tax administration, that is building trust to increase voluntary compliance and boost revenue collections,” said Godongwana in this year’s budget speech.
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