South African Revenue Service raked in more than expected in the fiscal year through 31 March 2024.
South Africa’s preliminary tax collection beat estimates as compliance revenue grew more than a quarter from a year earlier, and the number of impermissible refunds increased.
The period’s tax take was about R10 billion more than projected in the February budget, representing a 3.2% increase from the 2023 fiscal year. Compliance revenue increased 26.7% to R294 billion, and R101 billion of impermissible refunds were prevented. Corporate income tax rose 3.8% from a year earlier, crimped by a 66% slump in taxes from the mining sector.
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