The Big Four, South Africa’s four top banks pay R18.6 Million in Taxes

South Africa’s top four banks are Standard Bank, FirstRand, Absa and Nedbank and they are also known as the ‘Big Four’ banks. The 'Big Four" have  collectively paid a total of R18.6 billion in taxes during the first half of the current fiscal year. 

The amount paid has varied from bank to bank and it ranges from R2 billion to R6.3 billion. The combined earnings of these banks saw a 16.8% increase touching R55.8 billion. 

The growth in their balance sheets, the digitalization of their services, higher interests are some of the reasons for the increase in their revenue and profits. The trading revenues of these banks also increased due to the market volatality. Banks have added provisions for any future risks thereby bringing about a stabilization. 

The taxes paid assist the South African government as they contribute directly to the country’s revenue. The tax revenue plays an important part in supporting the government in essential public services such as education, healthcare, and infrastructure.

These banks form part of the largest taxpayers in the country as they generate a good amount of income and pay a fair amount of tax on that income. 



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