The country’s tax-collecting authority, the South African Revenue Services (Sars), collected net revenue of R1.855-trillion during the 2024-2025 financial year.
Sars achieved collections of R1.855-trillion, thus slightly outperforming the R1.846-trillion revenue estimate target by 0.5% (R8.8-billion). The revenue target was set by Finance Minister Enoch Godongwana.
Gross revenue of R2.302-trillion
The gross revenue collected by Sars for the 2024-2025 financial year is R2.302-trillion.
This was revealed by the Sars Commissioner Edward Kieswetter on Tuesday.
Kieswetter was announcing the preliminary outcome of the revenue collection figures for 2024-2025 financial year.
He detailed this at a media briefing taking place at the Hilton House Brooklyn Bridge in Brooklyn, Pretoria.
Kieswetter was joined by various officials, including his deputy, at the briefing.
Deputy Finance Minister Arshor Sarupen and Governor of the South African Reserve Bank, Lesetja Kganyago, were also present during the announcement.
The 2024-2025 financial year runs from April 1 2024 to March 31 2025.
Personal income tax
Kieswetter said the largest contributor to the 2024-2025 tax revenue collection is the Personal Income Tax (PIT). It contributed R733,180-billion.
He said the sectors that are the major contributors to the 2024-2025 tax revenue collection included the financial intermediation, insurance, real estate, and business services sectors.
The sectors contributed R686.568-billion towards the R1.855-trillion collected.
Kieswetter added that the tax on gross domestic product (GDP) improved from 20.2% in the 1994-1995 financial year to 24.8% in the 2024-2025 financial year.
During the 2023-2024 financial year, Sars collected a net revenue of R1740,9-billion. This was an annual increase of 3.2% from the R54,2-billion collected during the 2022-2023 financial year.
The Personal Income Tax (PIT) was the largest contributor to the 2023-2024 tax revenue, with a contribution share of 37.4%.
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