Zuko Komisa

South African Revenue Service has collected R2.155 trillion in tax revenue for the 2023–2024 fiscal year.
The Cabinet which convened a special meeting on Wednesday, April 10, 2024, stated that the country’s service delivery initiatives and other programs for socioeconomic development are funded in part by the government thanks to the increased revenue.
SARS has amassed R21.6 trillion in net tax receipts since its founding.
The revenue service said that since the start of 1997, the tax receipts amounting to R21.6 trillion have grown at a compound annual growth rate of 9.9%.
“This is R52 billion more than the previous year and demonstrates the robustness of the local economy, despite challenging local and international conditions,”
SARS also stated that the 2024 Employer Filing Season closes end of May.
Employers are required by law to provide SARS with their Annual Reconciliation Declaration (EMP501). All employees’ correct payroll data must be reflected in the EMP501. Included in this must be the tax paid by employers on behalf of their employees (PAYE) and the generated Tax Certificates (IRP5/IT3[a]). Crucially, the entire tax year from March 1, 2023, to February 29, 2024, must be covered by the EMP501.
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