The 2024 edition of the Tax Statistics, jointly published by National Treasury and the South African Revenue Service (SARS), highlights key insights from tax-revenue collection and returns for the 2020-2024 tax years.

The date reveals that a fraction over 800,000 taxpayers earn above R750,000 annually, or R62,500 per month, while more than 330,000 people earn more than a million.

In the 2023/24 fiscal year, SARS collected R2.2 trillion in gross tax revenue (4.2% more than in the prior year); refunded taxes worth R413.9 billion (8.6% more than in the prior year); and netted tax revenue amounting to R1.7 trillion (3.2% more than in the preceding year).

The 2023/24 fiscal year saw a sharp decline in Company Income Tax (CIT) revenue, particularly in the mining sector.

This decline was mainly a result of low commodity prices, which offset the revenue gains from the elevated commodity prices over the previous two years, SARS said.

In addition, weak global growth, persistent power outages, and logistical disruptions further weighed on the sector.

Value-Added Tax (VAT) revenue growth remained subdued as consumers continued to face financial constraints due to high interest rates, which erodes disposable household income and expenditure.

Personal Income Tax (PIT) revenue, however, remained buoyant, supported by a recovery in employment and earnings.

SARS said it is determined to make it hard and costly for taxpayers who wilfully fail to meet their obligations.

Compliance revenue secured from focused activities and efforts by SARS yielded R260.5 billion for the 2023/24 fiscal year, which was R53.0 billion or 25.5% more than in the preceding year.

Total Tax Revenue collected by SARS increased from R1 355.8 billion in 2019/20 to R1 740.9 billion in 2023/24, growing at a compound annual growth rate (CAGR) of 6.4% over this period. This was higher than the rate of 6.1% attained for the period from 2015/16 to 2019/20.

By 31 March 2023, the PIT register had grown annually by 4.5% to 25.9 million individuals (and by a further 4.3% to 27.1 million at the end of March 2024).

The number of individuals expected to submit Income Tax returns was 7.6 million for the 2023 tax year, said the tax body.

PIT, geographic, demographic, and other analyses of the assessments of the taxpayers who had been assessed by 9 September 2024 for the 2023 tax year showed that:

Assessed taxpayers reported an aggregated taxable income of R2.3 trillion and tax liability of R499.9 billion. The average tax rate was 21.3% versus 21.5% in the previous tax year.

Out of the 1 166 692 companies assessed by the end of August 2024 for the 2022 tax year, 20.7% declared a positive taxable income, 54.6% had taxable income equal to zero, and the remaining 24.7% reported an assessed loss.

Of the companies assessed, 549 were large companies (0.2% of the companies with positive taxable income) that each had taxable income of more than R200 million and were liable for 66.5% of the CIT assessed.