The South African Institute of Tax says the fact that the South African Revenue Service (SARS) has exceeded its provisional revenue target by almost R10 billion is good news for the country.
SARS revealed this when it announced the country’s preliminary revenue outcome for the 2023-2024 financial year.
It announced that it has collected R2.15 trillion in gross tax revenue collections for the 2023-24 financial year. Net revenue collections which represent revenue collections after tax refunds have been paid out amounted to R1.74 trillion.
SARS says R414 billion in tax refunds paid to taxpayers in the period were the highest on record.
South African Institute of Tax CEO, Professor Keith Engelt, says although this promotes fairness among taxpayers, SARS has to fight against corrupt people.
“So, what you try to do if you are a revenue authority is you try to get a bunch of high-profile cases…the other people who are not so good at this they start to come forward. But then, there’s still the effort where you find the hardcore are corrupt, those people fight you tooth and nail. You can see them, but then getting them to court and getting them prosecuted – that’s a very hard job. Look, SARS made some wins this year, but they need to make a lot more according to a number of reports that have come out. But those people are going to fight very, very hard and it’s going to be a long battle.”
VIDEO | Revenue collection shows resilience despite challenges:
