Cabinet has commended the millions of taxpayers who have filed their tax returns to help the South African Revenue Service collect tax revenue of R2.155 trillion for the 2023/24 financial year.
“This is R52 billion more than the previous year and demonstrates the robustness of the local economy, despite challenging local and international conditions,” a Cabinet statement said on Monday.
The increased revenue helps government to fund the country’s service delivery projects and other socio-economic development programmes.
Cabinet held a special Cabinet Meeting on Wednesday, 10 April 2024.
Since its inception, SARS has collected R21.6 trillion in net tax revenues. The R21.6 trillion tax collections represents a compound growth of 9.9% per year since the inception of SARS in 1997.
READ | 30 Years: reflections on SARS
This has funded the South African democracy and touched the lives of millions who would be destitute without government support and services. – SAnews.gov.za
