SARS Makes R2 Trillion After 2023 Collections, SA Divided Over Massive Tax Revenue
- South Africa's Revenue Service (SARS) reported how much money it made in 2023 from collecting taxes, and the figure looked astronomical
- The institution reported that they recovered a lot more in taxes and had higher-than-average commodity prices
- People shared their thoughts about how much SARS made, and many were divided over the SOE's finance report
SARS had a successful fiscal year. The tax collector was transparent about the taxes collected for 2023.
Source: Getty Images
SARS got more than a billion in tax revenue, and the National Treasury published its numbers for 2023. People were fascinated by how much SARS made in one year from tax-liable South Africa.
SARS successfully recovers taxes
Sowetan Live said SARS collected more than 2.7 in gross tax revenue. They got 183 billion more than the previous year.
PAY ATTENTION: Let yourself be inspired by real people who go beyond the ordinary! Subscribe and watch our new shows on Briefly TV Life now!
How much did SARS refund in taxes?
SARS refunded taxes worth 381 billion. This is 18% more than the previous year, and the net revenue amounted to R123 billion more than last year. The figures for SARS were published in the 16th annual edition of the Tax Statistics released by the National Treasury.
How did SARS make so much more money?
SARS reported an increase in tax prices and commodity prices. Interior political tensions, energy supply risks, weaker global and domestic economic growth, and other factors were risks for tax revenue collection. SARS had R231 billion yield from compliance revenue secured from focused activities and efforts by the institution
SA divided over SARS's success in 2023
Some applauded SARS, but most complained, speculating that the revenue would do nothing for the people. Read what netizens had to say about SARS's financial year:
Neale Fortaine said:
"Collected so much but nothing to show for it."
Mongangabadi Shinners commented:
"Yes our deceased fathers taxes.You're taxed even when you are dead , going on pension n retrenched dey careless about widows and orphans. Cruel country we live in."
Neale Fortaine wrote:
"So true. But the SOE's forever have debt they want tax money to cover."
Lastman Zura added:
"Stripping rhe working class poorer and poorer every year. Must be rewarding being a thief in the system since you can’t declare your tax."
Kanye Pamba lamented:
"After we claim what belongs to us, it goes down just above 1.5 trillion ZAR. And ANC cronies will misuse it as usual."
Sthembiso Simon Mbele complained:
"The problem we don't see where the majority of this money goes. Maybe it paid for lavish lifestyles the officials are living."
SA upset that Rea Vaya owes SARS
Briefly News previously reported that the Rea Vaya board followed the example of several state-owned companies' boards and was dissolved. The company operating Rea Vaya, Piotrans, has been placed under business administration, and this was because Rea Vaya was drowning in debt. South Africans were not surprised and pointed their fingers at the African National Congress.
Tayob revealed that being taxi drivers and owners historically, Rea Vaya's shareholders would be the last to receive payment.
Rea Vaya made an upfront payout, which left the company with an R64 million tax deficit. The creditors allegedly funded the company, and the shareholders pocketed the dividends.
PAY ATTENTION: Follow Briefly News on Twitter and never miss the hottest topics! Find us at @brieflyza!
Source: Briefly News
