SARS is proud to share some positive news about its revenue collection efforts following the tabling of the Medium-Term Budget Policy Statement (MTBPS) by Minister of Finance on 1 November 2023 in Parliament. Despite a tough economic environment, SARS is dedicated to serving the nation and supporting the country’s finances.
Here are the key highlights:
- In the first half of this fiscal year, SARS collected a total gross revenue of R1,016.3 billion, showing a 4.5% growth and achieving a surplus of R1.0 billion compared to the Budget 2023 estimate.
- SARS has issued refunds totaling R212.2 billion in the first six months of this fiscal year. This is an increase of R24.6 billion from the previous year and surpasses the Budget 2023 estimate by R30.1 billion.
- Our efforts to ensure tax compliance have contributed R118.4 billion to gross VAT, PIT (Personal Income Tax), and CIT (Corporate Income Tax) collections.
- Despite challenges on the global and domestic fronts, SARS remains committed to expanding the tax base and ensuring that taxpayers fulfill their obligations, ensuring that all due tax revenue is collected.
Being a responsible fiscal citizen is crucial for our nation’s development, and voluntary compliance reflects a vital partnership between the government and its citizens. We appreciate all taxpayers who contribute to South Africa’s well-being and encourage those who may not be complying to reconsider their actions.
As we face these challenging times, let’s draw inspiration from the recent historic victory of the Springboks and remember that every effort, whether individual or collective, makes a difference. Lets work together with CIBA to ensure compliance and make payment of taxes easier for all.
