Ramaphosa said tax collection from JSE-listed companies, multinationals and wealthy individuals is now more effectively managed through Sars' large business unit, which was relaunched in 2020.
The agency, which once grappled with mismanagement, is now well established as one of the most efficient tools to combat corruption, he said.
“As a result of Sars' turnaround, there has been improved compliance in personal income tax, corporate income tax and pay as you earn. Sars is taking the wind out of the sails of tax dodgers, beneficiaries of the proceeds of crime and those involved in corrupt activities.
“In cases where an individual’s lifestyle does not match what they declare, Sars has been conducting lifestyle audits. In the past year, Sars has completed lifestyle audits that resulted in the collection of R474m.”
Restoring the stability and credibility at the revenue service and other entities was high on his agenda when he was elected president.
“Like other important institutions, Sars had suffered from the ill-effects of state capture, with political meddling, mismanagement and other factors seriously affecting its efficiency. This resulted in not only undermining taxpayer morality, but also loss of business confidence in the organisation.”