Browsing: Revenue collection

• There is a debt crisis in Africa as countries struggle to repay international loans. 
• According to the World Bank, nine African countries entered 2024 in debt distress, with another 15 at high risk of distress and 14 more categorised as moderate risk.
• According to the United Nations, Africa’s public debt will stay above pre-pandemic levels in 2024 and 2025.

At 4 per cent, Africa is projected to be the second fastest-growing economic region in the world in 2024,  according to a report by the International Monetary Fund (IMF). However, behind the headline figure is a less optimistic reality.

Many African countries have suffered from slow post-COVID-19 recovery, climate change shocks, worsening food security situation, political instability, weak global growth, and high-interest rates. These economic shocks have pushed over 55 million people into poverty since 2020. The situation is increasingly alarming as more than half of the continent’s countries are in …

• The South African Revenue Service (SARS) has exceeded the 2022 revenue collection by R123 billion after collecting a net revenue of R1.687 trillion in the financial year that ended in March 2023.
• Gross tax revenue collected exceeded R2 trillion for the first time after gross revenue rose to R 2.068 trillion over the same period.
• The gross revenue collected excludes the refunds of R381.1billion, an 18.7 per cent growth or an increase of R60 billion from 2022.

The South African Revenue Service (SARS) has reported an impressive growth of 7.9 per cent in net revenue for the 2022/2023 financial year. The net revenue collected by SARS represents year-on-year an increase of 7.9 per cent over the net 2022 amount of R1563.8 billion ($872 billion).

SARS collected a record gross amount of R2067.8 billion. The net collection after payment of R381.1 billion in refunds is R1686.7 billion. This is the …