South Africa collected a net total of $119.73 billion in taxes for the fiscal year ending March 31, an 8.4% increase from the previous year, according to preliminary data released Wednesday (1) by the country’s South African Revenue Service (SARS).
The agency stated in a press release that the increase in revenue reflects its focus on compliance initiatives, efficiency improvements, and the contribution of the mining sector.
“These results were achieved despite the challenges of a stagnant economy, geopolitical tensions, disruptions in global supply chains, and the proliferation of the illicit economy,” the statement adds.
The mining sector contributed approximately $296.9 million of the additional $1.47 billion collected, said SARS Commissioner Edward Kieswetter at a press conference.
For the 2026-27 fiscal year, beginning April 1, SARS forecasts revenue of approximately $126.44 billion, representing a 5.8% increase.
SARS stated that South Africa’s trade with Israel and Iran is limited, but that disruptions to maritime transport in the Strait of Hormuz could have a significant impact on imports, particularly of petroleum products.
More than 70% of refined petroleum product imports in 2025 originated in the Middle East, according to a presentation. Among the main exporters of refined products to the country are Oman (26% of imports), Saudi Arabia (16%), and the United Arab Emirates (15%).
Deputy Commissioner Johnstone Makhubu stated that imports from Oman are not necessarily at risk, as the country is located at the exit of the Strait of Hormuz.
More than half of South Africa’s crude oil imports last year originated from Nigeria and Angola.
Source: Reuters
