News

Employer Interim Reconciliation

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Employer Interim Reconciliation

As from 1 September 2013 it is time to submit your Employer Interim Reconciliation for the six month transaction period 1 March to 31 August 2013. Make sure you can tick the following boxes when preparing and sending your Employer Interim Reconciliation: Complete an accurate reconciliation submission: Your accurate reconciliation submission must include your Employer Reconciliation Declaration (EMP501), Employee Tax Certificates [IRP5/IT3(a)], and where applicable your Tax Certificate Cancellation Declaration (EMP601). Make sure that your...

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SA Trade Stats for July 2013

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SA Trade Stats for July 2013

Pretoria, 30 August 2013 - The South African Revenue Service (SARS) today releases trade statistics for July 2013 that record a trade deficit of R14.21 billion. Summary:   The R14.21 billion deficit for July 2013 can be attributed to exports of R75.69 billion and imports of R89.89 billion. Exports increased from June to July by R7.45 billion (10.9%) and imports increased from to June to July by R13.97 billion (18.4%). The cumulative deficit for 2013 is R89.37 billion compared to R59.02 billion in 2012. Trade Highlights by Category: The June...

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Permanent Voluntary Disclosure Program

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Permanent Voluntary Disclosure Program

“In the event that the applicant fails to disclose material facts from the application, SARS may withdraw the relief granted…” With the promulgation of the Tax Administration Act, No 28 of 2011, which subsequently took effect on 1 October 2012, a relief programme of a permanent nature was introduced. This programme has similar characteristics to the past Voluntary Disclosure Programme which could have been applied for until 1 October 2011 in terms of the Taxation Laws Second Amendment Act, No 8 of 2010. The new voluntary...

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Debit Pull Transactions Discontinued

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Debit Pull Transactions Discontinued

Starting 4 September 2013, Debit Pull transactions on eFiling will be phased out and discontinued. This process will take place over a month. Why is SARS discontinuing the use of a Debit Pull transaction on eFiling? With debit pull a taxpayer or their approved representative may authorise SARS to collect the money owed directly from their bank on their behalf, which means that SARS is initiating the collection directly from their bank. SARS does so by instructing the bank to collect the amount from the taxpayer’s bank account. There are...

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