PRETORIA – South Africa collected a net 2.01 trillion rand ($119.73 billion) in taxes in the fiscal year ended March 31, up 8.4% from the previous year, preliminary figures showed on Wednesday.
The South African Revenue Service (SARS) said the amount collected was 24.7 billion rand more than forecast in the 2025 budget.
The agency said in a statement that the increased collection reflects its focus on compliance initiatives, improved efficiency and contribution of the mining sector.
“These results have been achieved despite the challenges of a sluggish economy, geopolitical tensions, global supply-chain disruptions and the proliferation of the illicit economy,” the statement said.
SARS Commissioner Edward Kieswetter told a press conference that the mining sector contributed about $5 billion of the additional $24.7 billion.
For the 2026/27 financial year starting April 1, SARS estimates collections at about 2.13 trillion rand, an increase of 5.8%.
SARS said South Africa's trade with Israel and Iran was minimal but shipping disruptions in the Strait of Hormuz could have a major impact on imports, particularly petroleum products.
A presentation showed that more than 70% of refined petroleum imports in 2025 came from the Middle East.
The top countries sending refined petroleum to South Africa included Oman (26% of imports), Saudi Arabia (16%) and the United Arab Emirates (15%).
Deputy Commissioner Johnstone Makhubu said imports from Oman were not necessarily at risk because the country is at the exit of the Strait of Hormuz.
More than half of South Africa's crude oil imports last year came from Nigeria and Angola.
($1 = 16.7873 rand)