The South African Revenue Service (SARS) collected R52 billion more in tax over the past year compared to the previous year, despite a sharp decline in corporate tax. The increase in tax revenue was mainly due to clampdowns on tax fraud and underpayment, resulting in a surge of over a quarter. SARS collected a gross tax of R2.155 trillion for the fiscal year, surpassing Treasury's estimate and setting a new record. The growth in tax collections can be attributed to significant increases in VAT and personal income tax.
SARS collected R52 billion more in tax over the past year than in the previous year - despite a sharp slump in corporate tax .The amount of money earned from clampdowns on tax fraud and underpayment surged by more than a quarter. For the fiscal year to end-March, the South African Revenue Service ( SARS ) collected gross tax of R2.155 trillion – a new record and R10 billion more than Treasury 's last estimate in February.
In just four days in March, SARS collected the equivalent (R114 billion) of the total tax amount collected in 1995 for the entire year. Tax collections have grown by almost 10% per year since 1997. The 2023/24 tax take was R52 billion more than the previous year, thanks to growth of more than 8% in VAT (a total net amount of R448 billion) and personal income tax (R651 billion). The latter benefitted from average salary hikes of 6.3% and large bonuses in the financial secto
SARS Tax Corporate Tax Tax Fraud Underpayment Revenue South African Revenue Service Clampdowns Fiscal Year Treasury VAT Personal Income Tax
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