Lerato Mbhiza
Revenue collection has shown resilience despite the difficult economic environment as the South African Revenue Service (SARS) reports that it has collected a net amount of R1. 741 trillion which is R54 billion more than last year’s collection. This represents 3,2% growth in revenue collected.
Revenue collection growth was driven mainly by Personal Income Taxes, while corporate income taxes contracted. In terms of gross revenue collected, SARS collected R2.1 trillion, representing 4,2% growth.
Addressing a media briefing on the preliminary revenue outcome for the 2023/24 financial year, SARS Commissioner Edward Kieswetter said this amount was in line with the revised estimate representing a year-on-year growth of 4.2% against a nominal gross domestic product (GDP) of 4.9%.
“Net revenue, which is the revenue after refunds have been paid to taxpayers amounts to R1.741 trillion, which exceeds the revised estimate set by the Minister of Finance by some R10 billion,
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