SARS Exceeds Expectations: Collects Record R1.74 Trillion in Net Revenue for Fiscal Year

• SARS surpassed its revenue targets by collecting R1.74 trillion in net revenue for the 2023/2024 fiscal year
• The figure exceeds both budget estimates and the revenue collected in the previous financial year
• Commissioner Edward Kieswetter attributes the success to increased personal income taxes which reflect a higher compensation of employees

PRETORIA - The South African Revenue of Services (SARS) announced a staggering net revenue collection of over R1.74 trillion for the fiscal year 2023/2024.

SARS record-breaking performance

This remarkable feat is better than earlier budget projections and also surpassed the previous year's revenue haul.

According to EWN, Commissioner Edward Kieswetter credits the revenue windfall to a surge in personal income taxes. He said the 3% improvement in net revenue shows the resilience of South Africa's economic landscape.

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Boosting economic confidence

SARS has distributed over R400 billion in returns, the highest refunds ever paid, reported TheCitizen. This injection of funds back into the economy bodes well for consumer confidence and spending.

Citizens express concern

The record-breaking revenue collection raised concern among South Africans. Many fear that the money may fall prey to the clutches of corrupt politicians, instead of being channelled towards improving service delivery and national development.

Read a few comments below:

Richard Peebles stated:

"Party time comrades!"

Anton Van Wyk asked:

"So what is going to happen with all that money? Corruption is making rich people richer. We as South Africans are suffering because of tax and the government."

Wayne Gadow commented:

"And the people still won't see a cent."

Lindy Griezel asked:

"Can we perhaps now see potholes get fixed, stolen robots, road signs get replaced, and road markings get done?"

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Johnnie Johnstone mentioned:

"The ANC-comrats must be smiling. Money, money, money."

SARS makes R2 trillion after 2023 collections

In a similar article, Briefly News reported that SARS had a successful fiscal year. The tax collector was transparent about the taxes collected for 2023.

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 Africans.

Source: Briefly News