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SARS enjoys record-breaking year – rakes in more than R1.5 trillion

✔ Fact Checked by TDPel News Desk
By Lola Smith
Published: April 1, 2022 | 7:26 PM

The South African Revenue Service (SARS) announced its preliminary revenue collection for the 2021-2022 financial year on Friday, 25 March. Commissioner Edward Kieswetter remarked that the revenue service’s 25th year was a record-breaking one.

SARS IMPROVES REVENUE COLLECTION

For the financial year ending on 31 March 2022, SARS collected a gross amount of R1884,9 billion – up from R1540,5 billion collected during the previous year.

In terms of tax refunds, R321,1 billion (R290,7bn in the previous year) was returned to taxpayers.

The net result is a collection of R1563,8 billion, which represents a surplus of R314 billion – 25 percent better than the previous year – and R16,7 billion better than the Budget Estimate.

SARS said the main sources of revenue were Personal Income Tax (R558,8bn), VAT (R390,7bn), Company Income Tax (R323,6bn) and Customs duties (R58bn).

From its establishment in October 1997 until now, SARS has collected R17,8 trillion.

“It should be noted that these are preliminary results, which will be subject to detailed financial reconciliation and a final audit,” said the revenue service.

“SARS collects tax revenue to serve a Higher Purpose, which is to enable government to build a capable state and strengthening the foundations of our democracy.”

REVENUE TABLES

Table 1: Revenue collection 2021/22 against Revised Budget 2022 Estimate

1 Includes interest on overdue tax
2 Specific Excise Duties comprises excise on domestic goods only
3 Customs Duties comprises duties on imports, specific excise on imports and ad valorem duties on imports

Table 2:  Revenue collection 2019/20 to 2021/22 and variance in Rand million and Percentage

1 Includes interest on overdue tax
2 Specific Excise Duties comprises excise on domestic goods only
3 Customs Duties comprises duties on imports, specific excise on imports, and ad valorem duties on imports
4 Total Tax Revenue on a cash basis
5 Total Tax Revenue on a cash basis
6 Total Tax Revenue on a cash basis

 

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Lola Smith

About Lola Smith

Lola Smith is a highly experienced writer and journalist with over 25 years of experience in the field. Her special interest lies in journalistic writeups, where she can utilize her skills and knowledge to bring important stories to the public eye. Lola’s dedication to her craft is unparalleled, and she writes with passion and precision, ensuring that her articles are informative, engaging, and thought-provoking. She lives in New York, USA.