Question: Shouldn’t We ONLY Invest in JSE Listed Businesses Paying Large Tax Bills?

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In South Africa, corporate income tax (CIT) is heavily concentrated. According to recent SARS data, a tiny fraction of companies—roughly 0.2% of all assessed businesses—contribute nearly 60% of the country’s total corporate tax revenue.

The primary contributors are dominated by the “Big Four” banks and major telecommunications firms. Based on the 2024/2025 fiscal reports and PwC’s Major Banks Analysis, here are the JSE-listed companies that pay the largest amounts of direct tax to SARS:

1. The Financial Sector (The Heavyweights)

The banking sector is consistently the largest contributor to CIT. In 2023/2024, the major banks paid a combined total of over R37 billion in direct taxes.

Company Name – Estimated Annual Direct Tax (SA)

Standard Bank Group – ~R12.72 billion
FirstRand Limited (FNB/RMB) – ~R12.59 billion
Absa Group – ~R8 billion+
Nedbank Group – ~R4.43 billion
Capitec Bank – ~R2.88 billion

2. Telecommunications

Telecom giants are critical contributors due to their massive domestic consumer bases and consistent profitability.

MTN Group: Reported approximately R7.5 billion in total income tax for the 2023/2024 fiscal year.
Vodacom: Contributed roughly R4.4 billion in direct taxes (with a total public finance contribution, including indirect taxes, of over R13 billion).

3. Retail and Consumer Goods

Shoprite Holdings: As Africa’s largest retailer, they paid roughly R2.46 billion in South African income tax alone.
Naspers/Prosus: While much of their revenue is international, their South African operations contributed roughly R2.14 billion in the most recent fiscal period.

Sector Performance Trends (2025/2026)

The “Top Taxpayer” landscape has shifted slightly recently due to economic conditions:

Mining Sector Decline: Historically, miners like Anglo American Platinum and Kumba Iron Ore were the top taxpayers. However, due to softening commodity prices (especially PGMs and Coal) and logistical challenges at Transnet, their tax contributions fell by over 50% in the 2024/2025 period.
Financial Growth: The Financial Intermediation and Insurance sector has taken over as the primary driver of tax growth, buoyed by high-interest rates which increased bank profitability.

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Question: Shouldn’t We ONLY Invest in JSE Listed Businesses Paying Large Tax Bills?