South Africa's February 2026 fiscal surplus increased by 12.7% year-on-year to R27.3 billion. This followed February surpluses of R24.2 billion, R20.8 billion and R8.1 billion in 2025, 2024 and 2023 respectively.
National treasure The data shows that revenue increased by 9.5% year-on-year. That followed an 11.1% rise in January when gold and platinum prices hit record highs. The fiscal year-on-year growth is 10.4%.
Typically, commodity prices do not move in large booms or busts. However, Donald Trump's second US presidency has been anything but normal. Due to his irregular policy making, commodity prices have been extremely volatile. Its effect is visible on the price of gold, because gold is seen as a safe haven. On January 29, 2026, the price of gold reached a record $ 5,608.40 an ounce. After this, on March 23, 2026, it fell to $ 4,203.30 an ounce.
It is noteworthy that the National Treasury Budget estimate for the price of Brent oil was reduced from an average of $68.30 in 2025 to $61.60 per barrel in 2026. On Budget Day, February 25, the price was $68.30 per barrel. After this, on March 19, it increased to $ 113.14 per barrel. After this, there were attacks on Iran on 28 February.
february revenue statement
Obviously, higher commodity prices increase the profits of mining companies. This is one reason why fiscal surplus increased in February. Corporate income taxes rose 14.4% year-on-year in February. Investors also benefited as withholding taxes on dividends increased 15.6% year-on-year. Accordingly, the financial year-to-date profit stands at an impressive 22.9%.
Apparently, the Johannesburg Stock Exchange (JSE) is set to have its best annual performance since 2005 in 2025. all-share index An increase of 37.7%. As a result, some investors bought more shares, while others made profits. This resulted in a massive 60.5% year-on-year increase in securities transfer tax.
Since salaries are adjusted only once a year, personal income taxes in February increased only 5.6% year-on-year. Christmas and performance bonuses boosted personal income in previous months. As a result, the fiscal year-on-year gain is 7.2%.
Cleared from fuel duty, tax income increased by 10.8%. Airport departure taxes added 8.2% to revenues. Customs duty increased by 7.5%.
liquor tax
Beer was the winner in February, up 14.2% year-on-year. Spirits suffered a decline of 12.6% year-on-year. Taxes on alcohol increased only 0.3% year-on-year.
illegal economy
The illicit economy is estimated to be worth R40 billion, but this is only an estimate as it does not report any figures to state entities. The Consumer Goods Council of South Africa (CGCSA) estimates this at 10% of the economy or R760 billion.
Nearly three out of every four cigarettes sold in South Africa are illegal, meaning the government loses between R18 billion and R28 billion a year in tobacco taxes. Legitimate manufacturers cannot compete with smuggled cigarettes which cost between R10 and R20 a pack. Legitimate businesses must pay at least R26.22 per pack in tax. The result was that thousands of farm and factory workers lost their jobs and their dependents faced hunger.
The liquor industry estimates that illicit liquor sales now account for about one-fifth of consumption. This means a revenue loss of at least R16 billion per year. As the Consumer Goods Council of South Africa warns, this exposes consumers to unsafe products, which could lead to death.