Finance Minister Trevor Manuel announced on Monday that Sars collected total revenue of R281,6-billion.
This beats the estimate in last year's Budget of R268,5-billion and the revised figure of R280,1-billion in February's Budget, he told reporters in Parliament.
The minister would not speculate on implications for the budget deficit, but stressed that should spending not exceed budgeted figures, the deficit would come in lower than anticipated.
"Even if we assume spending will come in as planned, the deficit will come in marginally tighter," Manuel said.
According to the last Budget, the deficit had been estimated at R16,1-billion for 2002/03, or 1,4 percent of gross domestic product.
The final expenditure figures should be available in June.
The higher-than expected tax collected would result in lower debt requirements, with National Treasury Director-General Maria Ramos suggesting the adjustment could be made in terms of domestic borrowing.
Sars Commissioner Pravin Gordhan said the surplus was largely explained by larger than anticipated corporate payments and an unanticipated early transfer of R700-million.
The electronic transfer had been expected to be made on April 1 but entered the system shortly before the end of the financial year, at midnight on March 31.
Overall, the improved tax collections could be attributed to increases in real economic growth and higher inflation; higher corporate earnings; and improved administrative efficiencies at Sars.
Gordhan said Sars planned this year to clamp down on companies using transfer pricing to move profits out of South Africa and into jurisdictions with lower effective tax rates.
It was also focusing attention on exposing high level of customs fraud.
"Recent lessons from investigations at a big port of entry in South Africa show that there are numerous instances of under-declarations, incorrect use of tariff lines and the importation of counterfeit goods.
"Customs agents, importers, exporters and corrupt customs officials are involved in schemes to undermine the fiscus."
Customs officials who had been bribed would face immediate dismissal, he said - Sapa
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