Sars has achieved a significant milestone in tax collection, reporting a record gross amount of R2.155 trillion as of the end of March 2024. This marks a 4.2% increase year-on-year against the nominal GDP of 4.9%.
In addition to the impressive collection figure, Sars has also paid out refunds totaling R414 billion to taxpayers. This is the highest ever quantum in refunds, surpassing the R381 billion paid out in the prior year, representing a growth of 8.6%.
These numbers highlight the efficiency and effectiveness of Sars in managing tax collection and refunds. It is a testament to the hard work and dedication of the institution in ensuring compliance and transparency in the tax system.
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