JOHANNESBURG (Reuters) – South Africa collected 1.564 trillion rand ($107 billion) in tax revenue in the financial year ended March 2022, slightly higher than the budget estimate of 1.547 trillion rand, the revenue service said on Friday.
The South African Revenue Service (SARS) said revenue collections have been buoyed by a strong economic recovery that was supported by higher commodity prices.
The main sources of the revenue were personal income tax, which contributed 35.5%, with value-added tax contributing 25.0% of the revenue. Company income tax contributed 20.7% and customs duties’ contribution was at 3.7%, the tax agency said.
South Africa’s economy was already in bad shape before the COVID-19 pandemic and took a further dive in 2020, when an economic contraction caused government revenue to fall.
But the fiscal picture has improved, thanks to bumper prices for South Africa’s commodity exports which have lifted government tax revenue and helped the economy recover quicker than expected.
($1 = 14.6296 rand)
(Reporting by Olivia Kumwenda-Mtambo; Editing by Amy Caren Daniel)
