South Africa collected a net 2.01 trillion rand ($119.73 billion) in taxes for the fiscal year ending March 31.
The total marked an 8.4% increase from the previous year and exceeded the 2025 budget forecast by 24.7 billion rand.
SARS attributed the growth to stronger compliance, improved efficiency, and a notable contribution from the mining sector, the agency said.
Commissioner Edward Kieswetter noted mining accounted for roughly 5 billion rand of the additional revenue collected last year.
The agency said collections rose despite economic sluggishness, geopolitical tensions, global supply disruptions, and a growing illicit economy.
For the new 2026/27 fiscal year starting April 1, SARS projects revenues of about 2.13 trillion rand, a 5.8% increase.
SARS highlighted that trade with Israel and Iran remains minimal but warned shipping disruptions in the Strait of Hormuz could hit petroleum imports.
More than 70% of South Africa’s refined petroleum in 2025 came from the Middle East, mainly Oman, Saudi Arabia, and the UAE.
Deputy Commissioner Johnstone Makhubu said imports from Oman were less at risk, as the country lies at the exit of the strategic strait.
South Africa sourced over half its crude oil last year from Nigeria and Angola, safeguarding part of its energy supply chain.