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.

This has funded the South African democracy and touched the lives of millions who would be destitute without government support and services.

Source: South African Government News Agency