Cape Town – The South African Revenue Service (SARS) has reported a gross tax revenue of R2.155 trillion for the 2023/24 financial year despite economic challenges.
This represents a 4.2% year-on-year growth aligned with the revised estimate.
Notable points include R1.741 trillion in net revenue after refunds, a record R414 billion refunded to taxpayers, and concerns over refund system abuse.
Trade facilitation by SARS Customs totalled R3.96 trillion in transactions, with encouraging trends in compliance and voluntary compliance index.
Key tax products driving revenue growth include personal income taxes and domestic VAT, while corporate income tax saw a contraction.
The revenue achievements highlight the effectiveness of partnerships and technological advancements in tax administration.
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Compiled by Betha Madhomu
