SARS collects over R2tn in gross tax revenue
The South African Revenue Services has managed to collect more than R2 trillion in gross tax revenues over the 2022/23 financial year.
This is the highest revenue collected in the history of the entity, and represents a 9.7% increase from the 2021/22 tax year.
The net revenues stood at R1.7 trillion after SARS paid tax refunds.
SARS commissioner Edward Kieswetter was delivering the preliminary revenue outcome for the 2022/23 financial year on Monday.
“Compared to financial year 2021/22 the 2022/23 financial year outcome were an indicator of the tax authority’s commitment to implementing its legal mandate of collecting all revenue due, promoting a culture of compliance and facilitating legitimate trade,” said Kieswetter.
“The ongoing milestones reached by SARS was an important indicator of the commitment by SARS staff to serve taxpayers and traders with professionalism, commitment, passion and integrity in accordance with the higher purpose.”
Kieswetter said the improvement in revenue collection came despite low economic growth and the crippling impact of load shedding on the economy.
“Load shedding is having a debilitating effect on the economy of our country and revenue collection. The constant electricity disruption is impacting the overall profitability and constrains normal lives and business growth.
“Equally important, load shedding is also providing opportunities for sub-sectors involved in renewable energy. We are also seeing an increase in renewable energy related imports, which benefits the fiscus.
“As we start the new financial year, SARS will continue to explore all avenues of revenue collection. The ever-evolving world of work is presenting new opportunities. This changed environment was never anticipated when we designed products to respond to the challenges in the economy,” Kieswetter said.
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