Bloomber reports The South African Revenue Service collected 986.4 billion rand ($81.6 billion) of taxes in the year through March 31. This was 7.4 billion rand more than the revised tax revenue estimate announced in the February budget.
The report also projects South Africa will now meet its targeted budget deficit of 3.9% as it collected more taxes than it anticipated.
Nigeria earlier in the year announced it had collected a total of about N4.69trillion ($23.4billion) in taxes for the Fiscal year ended 2014. The figure also surpassed our target by N400b.
The difference in comparison to South Africa’s figure shows how much room Nigeria has to grow non-oil revenue considering that it has an even larger economy.