R2 million trillion: SARS collected a record high revenue in 2022/23.
The early revenue collection results for the 2022–2023 fiscal year, which show a significant growth trajectory over the previous few years, have been released by the South African Revenue Service (SARS).
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The revenue collector released a statement revealing on how well they performed in the last financial year.
“As at midnight on 31 March 2023, SARS collected a record gross amount of R2067.8 bn. The net collection after payment of R381.1bn in refunds is R1686.7bn. This is the first time since it was formed that SARS collected more than R2068.bn. The amount paid in refunds is also the largest ever paid since its formation.
The 2023 gross amount represents an increase of 9.7% over the 2022 collection of R1884.9bn, while the refunds paid for 2023 is an increase of 18.7% over the 2022 amount of R321.1bn. The 2023 net revenue collected represents year-on-year an increase of 7.9% over the net 2022 amount of R1563.8bn.
The net amount of R1687 billion must be seen against the 2021/22 outcome of R1.568 trillion, representing a year-on-year R123 billion increase.” read the statement.
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The ongoing accomplishments of SARS, according to SARS Commissioner Edward Kieswetter, are a crucial sign of the staff’s dedication to serving taxpayers and traders with professionalism, commitment, passion, and honesty in line with the Higher Purpose.
“SARS employees, compliant taxpayers and traders, tax practitioners, citizens, as well as other stakeholders in the tax eco-system, are all nation builders as we work together towards the goal of deepening our democracy and overcoming the challenges of high levels of poverty, unemployment and inequality.”
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