2 April 2024 – The South African Revenue Service (SARS) is pleased to announce its preliminary revenue collection outcome for the 2023/24 fiscal year.
SARS was established in 1997 and remains inextricably linked to the country’s democracy, now 30 years old. This link is premised on a pivotal role that SARS plays in fulfilling its legal mandate, often expressed as its Higher Purpose. The organisation is realising its Vision 2020-2025 of a SMART, modern SARS, that can be trusted and admired by all. Since its inception, SARS has collected R21.6 trillion in net tax revenues. Tax revenue collections have increased from R114 billion in 1994/95, at a compounded annual growth rate of 9.9% and an average tax-to-GDP ratio of 22.2%. To put this in perspective, our collections over the last 4 business days this fiscal year amounted to R114 billion or the total collected in 1995 for the entire year.
As at the end of March 2024, SARS collected a record gross amount of R2.155 trillion, year on-year 4.2% against the nominal GDP of 4.9%. SARS paid out refunds of R414 billion to taxpayers, the highest ever quantum in refunds compared to R381 billion in the prior year, representing growth of 8.6%. This brings the collected net amount to R 1.741 trillion which is almost R10 billion higher than the revised estimate and R54 billion more than last year’s R 1.687 trillion.
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