01 November 2023 – The South African Revenue Service (SARS) welcomes the Medium Term Budget Policy Statement (MTBPS) tabled in Parliament today by the Minister of Finance, Mr Enoch Godongwana, which revised the 2023 February Budget net tax revenue estimate from R1 787.5 billion to R1 730.4 billion.
SARS has continued with its core functions of collecting all that is due to the fiscus. During the first half of the current fiscal year, we have collected gross revenue totalling R1 016.3 billion, growing by 4.5% and recording a surplus of R1.0 billion against the Budget 2023 estimate. This performance is on the back of strong gross collections from VAT, Fuel Levy and PIT- partially offset by lower gross collections from CIT as company profits remain under pressure. Without our assistance, the fiscal framework would have been under greater pressure.
