https://en.sputniknews.africa/20250402/south-africas-tax-revenue-surpasses-expectations-reaching-almost-100-billion-1071399723.html
South Africa’s Tax Revenue Surpasses Expectations, Reaching Almost $100 Billion
South Africa’s Tax Revenue Surpasses Expectations, Reaching Almost $100 Billion
Sputnik Africa
The revenue announcement comes at a crucial time as Finance Minister Enoch Godongwana seeks political support for the national budget, which includes a... 02.04.2025, Sputnik Africa
2025-04-02T15:40+0200
2025-04-02T15:40+0200
2025-04-02T15:40+0200
sub-saharan africa
south africa
economy
southern africa
democratic alliance (da)
budget
pretoria
taxes
finance
https://cdn1.img.sputniknews.africa/img/07e9/04/02/1071400254_0:0:3330:1873_1920x0_80_0_0_63d429608d97a0e01cc64567909a62bb.jpg
The South African Revenue Service (SARS) announced on Tuesday that it collected a net revenue of 1.855 trillion rand (almost $100 billion) for the 2024/2025 fiscal year, exceeding its target by 8.8 billion rand (about $472 million).SARS Commissioner Edward Kieswetter revealed the figures during a briefing in Pretoria, highlighting a gross collection of 2.303 trillion rand ($123 billion), representing a 6.9% year-on-year growth—outpacing the country’s estimated GDP growth of 5.4%.Kieswetter emphasized the impact of refunds, with 447.7 billion rand ($24 billion) returned to taxpayers, describing it as a positive contribution to the economy. He also acknowledged that key economic sectors, including finance, wholesale, and construction, played a significant role in the revenue growth, contributing 6.1% to collections.Looking ahead, SARS has been tasked with a new revenue target of 2.006 trillion rand ($107.6 billion) for the 2025/2026 fiscal year. However, Kieswetter expressed concerns about the ongoing risk of fraud in the refund system, noting that SARS had successfully blocked 146.7 billion rand (almost $8 billion) in impermissible refunds. He stressed the need for continued vigilance, warning that refund fraud remains a significant threat to the tax system.
https://en.sputniknews.africa/20250401/sa-needs-fair-land-expropriation-to-spur-economic-growth--urban-renewal-public-works-minister-says-1071389109.html
south africa
southern africa
pretoria
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
2025
Christina Glazkova
https://cdn1.img.sputniknews.africa/img/07e7/0b/07/1063380906_0:0:673:674_100x100_80_0_0_79628b4d0cd9f29291a57aa13bbf9e7a.jpg
Christina Glazkova
https://cdn1.img.sputniknews.africa/img/07e7/0b/07/1063380906_0:0:673:674_100x100_80_0_0_79628b4d0cd9f29291a57aa13bbf9e7a.jpg
News
en_EN
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Christina Glazkova
https://cdn1.img.sputniknews.africa/img/07e7/0b/07/1063380906_0:0:673:674_100x100_80_0_0_79628b4d0cd9f29291a57aa13bbf9e7a.jpg
south africa, economy, southern africa, democratic alliance (da), budget, pretoria, taxes, finance
south africa, economy, southern africa, democratic alliance (da), budget, pretoria, taxes, finance
South Africa’s Tax Revenue Surpasses Expectations, Reaching Almost $100 Billion
Christina Glazkova
Writer / Editor
The revenue announcement comes at a crucial time as Finance Minister Enoch Godongwana seeks political support for the national budget, which includes a proposed 0.5-percentage-point increase in value-added tax (VAT). The Democratic Alliance has voiced opposition to the budget, citing concerns over the VAT hike.
The South African Revenue Service (SARS)
announced on Tuesday that it collected a net revenue of
1.855 trillion rand (almost $100 billion) for the 2024/2025 fiscal year, exceeding its target by 8.8 billion rand (about $472 million).
SARS Commissioner Edward Kieswetter revealed the figures during a briefing in Pretoria, highlighting a gross collection of 2.303 trillion rand ($123 billion), representing a 6.9% year-on-year growth—outpacing the country’s estimated GDP growth of 5.4%.
Kieswetter emphasized the impact of refunds, with 447.7 billion rand ($24 billion) returned to taxpayers, describing it as a positive contribution to the economy. He also acknowledged that key economic sectors, including finance, wholesale, and construction, played a significant role in the revenue growth, contributing 6.1% to collections.
Looking ahead, SARS has been tasked with a new revenue target of 2.006 trillion rand ($107.6 billion) for the 2025/2026 fiscal year. However, Kieswetter expressed concerns about the ongoing risk of fraud in the refund system, noting that SARS had successfully blocked 146.7 billion rand (almost $8 billion) in impermissible refunds. He stressed the need for continued vigilance, warning that refund fraud remains a significant threat to the tax system.
