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.