PRETORIA - South Africa collected a net 2.01 trillion rand ($119.73 billion) ‌of tax in the fiscal year that ended on March 31, 8.4% higher ​than the previous year, preliminary figures showed on Wednesday.

The South African Revenue Service (SARS) ​said the ​collected amount was 24.7 billion rand higher than forecast in the 2025 budget.

The agency said in a statement that increased collections reflected ⁠its focus on compliance initiatives, improved efficiency and the 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 added.

The ⁠mining sector's contribution ⁠was about 5 billion of the additional 24.7 billion collected, SARS Commissioner Edward Kieswetter ​told a press conference.

For the 2026/27 fiscal ‌year beginning on April 1, SARS forecast ⁠collections of about 2.13 trillion rand, a 5.8% increase.

SARS said South Africa's trade with Israel and Iran was minimal but that shipping disruptions in the Strait of Hormuz could have a big impact on imports, especially of petroleum products.

More than 70% of refined petroleum imports in 2025 came from the Middle East, a presentation showed.

Among the top countries sending refined petroleum to South Africa were 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 as the country was 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)