The South African Revenue Service (SARS) on Friday reminded Value Added Tax vendors to submit their outstanding returns to avoid administrative penalties. In its statement, the revenue service said the Tax Administration Act No. 28 of 2011 (TAA), states that it is a criminal offence not to submit a tax return for any of the tax types a taxpayer is registered for. These tax types are: Personal Income Tax (PIT), Corporate Income Tax (CIT), Pay As You Earn (PAYE) and Value-Added Tax … [Read more...] about Vendors urged to submit outstanding VAT returns
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New electronic system to track cargo
The South African Revenue Service (SARS) at the weekend introduced a new electronic cargo system that tracks the movement of cargo coming into and leaving the country. The paperless cargo reporting system brings to an end one of the last remaining paper-based processes in the revenue service. Chief Officer of Customs and Excise, Teboho Mokoena, said the electronic reporting system will expedite the processing of legitimate trade and improve the management of risk for goods coming in and … [Read more...] about New electronic system to track cargo
Failure to submit tax returns can get you a criminal record
Taxpayers who do not submit their tax returns will end up with a criminal record, the South African Revenue Service (SARS) said on Monday. In its statement, the revenue service said it had embarked on a new initiative with the National Prosecuting Authority (NPA) to prosecute non-compliant taxpayers, including prominent South Africans, who have failed to submit returns. “Taxpayers who are found guilty will end up with a criminal record. The initiative has already seen its first conviction … [Read more...] about Failure to submit tax returns can get you a criminal record
SARS to apply normal tax rules to cryptocurrencies
The South African Revenue Service (SARS) will continue to apply normal income tax rules to cryptocurrencies, it said on Friday. The revenue service said it expects affected taxpayers to declare cryptocurrency gains or losses as part of their taxable income. “The onus is on taxpayers to declare all cryptocurrency-related taxable income in the tax year in which it is received or accrued. Failure to do so could result in interest and penalties,” said the revenue service. SARS said … [Read more...] about SARS to apply normal tax rules to cryptocurrencies
SARS collects R1.216 trillion in tax
The South African Revenue Service (SARS) has managed to collect R1.216 trillion in the 2017/18 financial year. Finance Minister Nhlanhla Nene made the announcement at a briefing on Tuesday morning. “SARS collected a gross amount of R1451.0 billion which was offset by refunds of R234.3 billion, resulting in net collections of R1216.6 billion,” said Minister Nene. The Minister was flanked by his Deputy Minister Mondli Gungubele and Acting SARS Commissioner Mark Kingon at the … [Read more...] about SARS collects R1.216 trillion in tax
Praying for Relief
The South African Revenue Service (SARS) is to work with religious institutions to investigate tax non-compliance, it said on Friday. “The SARS will engage religious institutions with the intention to investigate possible tax non-compliance in this sector. The decision follows SARS’ own preliminary investigation, its meeting with the CRL Rights Commission and general reports suggesting that certain religious organisations and leaders are not in compliance with tax laws, and may be enriching … [Read more...] about Praying for Relief
2017 tax season tips
The 2017 tax season will open for individuals on 1 July, and SARS has released some handy tips and information to make the process pain free for taxpayers. In preparation for tax season, taxpayers can start gathering all the supporting documents that are needed to submit tax returns. These documents include IRP5/IT3(a) certificates from one’s employer or pension fund; IT3(b) certificates for investment returns, medical aid contribution certificates and receipts; bank account details as … [Read more...] about 2017 tax season tips
What it means to be a third-party agent for SARS
What it means to be a third-party agent for SARS: Few employers or employees truly understand what it means when you are nominated by The South African Revenue Service (SARS) as a third-party agent, which often results in a matter that could be resolved speedily lingering unnecessarily and impacting both parties. In this instance a Payroll professional is in a prime position to help manage the process. “Your company’s Payroll administrator performs many services that can alleviate a company’s … [Read more...] about What it means to be a third-party agent for SARS
PE in the news: Businessman handed 9-year jail term for defrauding SARS
Businessman handed 9-year jail term for defrauding SARS: King William’s Town businessman Mbulelo Sabisa was sentenced to nine years in prison by the Specialised Commercial Crimes Court in Port Elizabeth last week. Sabisa was found guilty of fraud and contravention of the Income Tax Act and the VAT Act. Source: "Port Elizabeth" - BingNews. Hawks close in on card-swapping syndicate: EASTERN CAPE – A 49-year-old man, who is already in custody at St Albans Prison in Port Elizabeth, has been … [Read more...] about PE in the news: Businessman handed 9-year jail term for defrauding SARS
Mthatha news: Sars extends opening hours
Sars extends opening hours: The branches that will operate on Saturdays from 8am to 1pm are: Alberton, Edenvale, Randburg, Rissik Street, Soweto (Orlando East), Vereeniging, Nelspruit, Witbank, Pretoria North, Rustenburg, Durban, Mthatha, Richards Bay, Pietermaritzburg, Port ... Source: "Mthatha" - BingNews. Pupils suffer as renovations delayed: The school is situated in Qokolweni in Mthatha. “Work on the school was being done and then the construction company just stopped work around July … [Read more...] about Mthatha news: Sars extends opening hours
Expect Disruptions as SARS undergoes IT Upgrade
The South African Revenue Service (SARS) says its tax and customs offices will close at 5pm on Friday due to a substantial information technology (IT) system upgrade and maintenance. To minimise disruptions on the day, SARS on Tuesday said its employees in all branches throughout the country will be available to assist taxpayers until 5pm. "SARS wishes to advise taxpayers to visit SARS branches before 3pm. Taxpayers, traders and the general public are asked to take note that due to the IT … [Read more...] about Expect Disruptions as SARS undergoes IT Upgrade
Tax Deadline Reminder
Cabinet on Thursday reminded taxpayers who submit their tax returns manually or by post to submit their returns ahead of the deadline next week. “Cabinet reminds taxpayers who submit their tax returns manually or by post that the 23 September 2016 deadline for filing their returns for the 2016 tax season is fast approaching,” said Minister in the Presidency for Planning, Monitoring and Evaluation, Jeff Radebe. The 2016 tax season began on 1 July with the South African Revenue Service … [Read more...] about Tax Deadline Reminder
Over R1 Trillion collected in tax
The small business sector is beginning to take its rightful place as the engine of South Africa’s economy, according to Small Business Development Minister Lindiwe Zulu. This was confirmed by 2016 tax collection success in which SARS broke through the R1 trillion ceiling. The tax authority also reported that more than 18 000 new SMMEs had for the first time submitted tax returns. Minister Zulu on Sunday said growth in future revenue is dependent on government and all stakeholders upscaling … [Read more...] about Over R1 Trillion collected in tax
SA’s 1.77 Billion trade surplus
South Africa has shown a trade surplus of R1.77bn in November, the South African Revenue Service (SARS) announced on Wednesday. This figure includes trade with Botswana, Lesotho, Namibia and Swaziland (BLNS). When BLNS trade is excluded, SA showed a R7.45bn deficit for November as a result of exports of R82.31bn and imports of R89.76bn. The cumulative deficit for 2015 is then R155.74bn compared to R196.53bn in 2014. According to SARS the R1.77bn surplus for November (when BLNS trade is … [Read more...] about SA’s 1.77 Billion trade surplus
Tis the Season for Giving… to SARS
A total of 5.94 million tax returns were received for non-provincial taxpayers, says South African Revenue Service (SARS) Acting Commissioner Jonas Makwakwa. The announcement follows the tax season coming to an end on Friday. The 5.94 million submissions received were 11.52% higher than in 2014. The number includes individuals, trusts and prior year submissions. Compliance for taxpayers filing on time exceeded 90% for the third consecutive year. Makwakwa said this was a significant … [Read more...] about Tis the Season for Giving… to SARS
