SARS announces a new record gross amount in its preliminary revenue collection results for 2022/2023.
The South African Revenue Service announced its preliminary revenue collection results for the 2022/2023 financial year, posting a new record gross amount.
The 2023 gross is an increase of 9.7% over the 2022 collection of R1,884.9 billion, with the refunds paid for 2023 also representing an increase of 18.7% from the R321.1 billion in 2022. Moreover, the achievement of R1,687 billion represents a YoY growth of 7.86% against the nominal GDP growth of roughly 5.8% or a tax buoyancy of 1.38.
Compliance revenue delivered R227 billion due to targeted interventions across all segments of taxpayers, growing from last year’s figure of R215.4 billion. These interventions include attentive debt collection, an emphasis on criminal and illicit activities and declaration compliance among big businesses, amongst others.
In addition, in 2022/2023, SARS refined its capabilities to detect and punish wilful non-compliant taxpayers. It continues to administer a permanent Voluntary Disclosure Programme for individuals, companies, or trusts that aim to voluntarily declare and regularise their tax affairs.It said that load shedding is having a dire effect on the economy and revenue collection, with power cuts impacting overall profitability, constraining lives and business growth.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mamelodi Sundowns make it six PSL titles in a row - SABC NewsMamelodi Sundowns are the 2022/2023 Premiere Soccer League champions . This is after a 1-all draw between Chippa United and SuperSport United this evening.
Read more »
Sars almost achieves tax collection target in February budgetLoad-shedding had a detrimental affect on Sars’ collections in the year
Read more »
SARS collects more than R2 trillion, but VAT refunds surge by almost 22% | BusinessThe South African Revenue (SARS) collected just over R2 trillion in gross tax revenues, a 9.7% increase from the 2021/22 tax year and it was the first time that SARS exceeded the R2 trillion gross tax revenue mark. | News24_Business
Read more »
SARS records boost for exports in South AfricaSouth Africa recorded a preliminary trade balance surplus in February 2023.
Read more »
Load shedding hammers Sars tax receipts - TechCentralThe South African Revenue Service said ongoing power cuts have had a 'debilitating' effect on the economy and revenue collection.
Read more »