SARS collects R10bn more than expected
The South African Revenue Service collected better-than-expected revenue of R1.741 trillion over the financial year that has just ended.
It's nearly R10 billion higher than what was estimated and R54 billion more than last year's net revenue.
"This revenue performance translates to track tax-to-GDP ratio of 24.7% and a provisional tax buoyancy ratio of 0.9 at gross level and at 0.7 at net revenues,” SARS commissioner Edward Kieswetter said on Tuesday.
Kieswetter announced the preliminary tax collected in the 2023/24 financial year.
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He said gross tax revenue collected was a record R2.155 trillion, a year-on-year growth of 4.2 per cent against a nominal GDP of 4.9 per cent.
Kieswetter said the revenue service also paid out the highest amount yet in refunds.
"Refunds that we've returned to taxpayers are R414 billion, represents a year-on-year growth of 8.6% and is the highest quantum of refunds paid out in our history, up R33 billion from the prior year. Thus, in VAT refunds, the amount of R343 billion represents a growth of 7.5% since the prior year."
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