Edward Kieswetter paid R10 million

Finance Minister Enoch Godongwana revealed that the South African Revenue Service (SARS) Commissioner, Edwards Kieswetter, receives an annual basic salary of R8.04 million and a performance bonus of around R2 million.

Godongwana revealed these figures in response to a Parliamentary question from DA MP Jan Naudé de Villiers.

De Villiers asked the minister to divulge the current annual remuneration package of the top positions at each state-owned enterprise that reports to him.

In his response, Godongwana revealed that Kieswetter receives a basic salary of R8.04 million and allowances and contributions of R161,502.60. The commissioner has a guaranteed total package of R8.20 million.

In addition, he received a R2 million performance bonus in the 2023/24 fiscal year, slightly lower than the R2.42 million bonus he was awarded in the 2022/23 financial year.

Godongwana explained that Kieswetter’s 2024/25 bonus has not been paid yet. He re-joined SARS as its commissioner in May 2019, when he was charged with turning the institution around.

SARS was one of South Africa’s most respected institutions in the 2000s, when it was seen as a leader in the country’s fight against illicit trade.

At the time, it had dedicated enforcement units that regularly shut down illegal manufacturers and ensured effective industry taxation.

Under the late Pravin Gordhan’s leadership, from 1999 to 2009, SARS was an extremely efficient institution.

However, this changed after his departure in 2009, when SARS, like many other public institutions in the country, became a target for state capture.

From 2009 onwards, SARS’ efficiency and capability were chipped away, allowing illicit trade to flourish. This period also saw many of the institution’s most skilled employees leave for private sector employment.

To remedy this, SARS decided to bring back Kieswetter, who previously served as the institution’s Large Business Centre and High Net Worth Unit Group Executive, Chief Operating Officer and Deputy Commissioner between 2004 to 2009.

From 2010 to 2016, Kieswetter was Alexander Forbes’ Group CEO, where he was also tasked with turning the company around. Kieswetter has also held senior executive roles at FirstRand and Eskom.

Upon his return to SARS in 2019, Kieswetter had to effectively rebuild the institution, clamp down on illicit trade, and restore the revenue service to its former glory.

Many believe that Kieswetter has excelled at this mission, with SARS reporting record collections year-on-year under his leadership.

More salary disclosures

In his response to De Villiers’ question, Godongwana also revealed what the top positions at several other SOEs, including the Landbank, Development Bank of South Africa (DBSA), and the Financial Sector Conduct Authority (FSCA), earn.

The DBSA CEO was the highest-paid position on the list, earning R10.5 million for the 2023/24 fiscal year and R15.5 million in 2024/25.

These figures include guaranteed pay, allowances and benefits, and variable pay.

Kieswetter’s is the second-highest paid position, followed by the Government Employee Pension Fund (GEPF) Principal Executive, with R6.79 million, and the FSCA Commissioner, with R5.88 million.

Aside from their significant salaries, these top positions also come with several benefits and bonus packages.

For example, the GEPF’s Principal Executive receives a R69,554 cellphone allowance each year, as well as a non-pensionable cash allowance of R2.19 million.

On top of this, he received a short-term incentive bonus of R2.33 million and a long-term incentive bonus of R881,891 during the 2023/24 financial year.

Below is an overview of all the remuneration packages Godongwana disclosed in his response.