World

SARS warns about tax deadlines – and if you miss it, you will be fined heavily

The South African Revenue Service (SARS) requires employers to prepare data for their annual employer filing season.

“SARS requires employers to ensure that they are ready to submit an annual adjustment declaration containing the latest and most accurate salary information for employees and deducted taxes,” said Revenue Services. I am.

The Internal Revenue Service provides all taxpayers and traders with certainty and clarity regarding tax and customs obligations, maintains compliance, and makes dealings with organizations as simple and easy as possible. He said he promised.

However, the ease and simplicity of dealing with SARS depends on taxpayers, traders, and third-party segments that fulfill their legal obligations to ensure seamless service delivery by SARS.

“At the same time, SARS is up-to-date and accurate so that third-party information providers from institutions that manage medical assistance systems, retirement pensions, etc. can easily use it for taxpayers who are required to file income tax returns. We look forward to providing you with information, “said Revenue Services in a statement on Friday.

The data that your employer must submit to SARS covers the monthly employer declarations, payments, and proof of tax generated (IRP5 / IT3) submitted, from March 1st to February 28th. Must cover up to year-round.

Information submitted by a third party must cover the same tax period.

“From the employer’s perspective, their salary data is very important to SARS. First, it provides an adjusted description of the tax amount that the employer deducted from each employee’s taxable compensation. ..

“Second, it shows the amount of tax that the employer paid to SARS on behalf of the employee, and also records other allowances that the employer pays to the employee as part of the compensation benefit.” Revenue service states.

Based on this salary information and data from third parties, SARS will file an income tax return for taxpayers with relevant information pre-filled for ease of use and convenience for taxpayers without complex tax affairs. Can be issued.

“For these taxpayers, filing a tax return is a simple matter of making sure that all the information pre-filled in the tax return is correct before filing the tax return with SARS.”

Employers and third parties are required to submit data to SARS from April 1st to May 31st.

fine

In the context of the Covid-19 pandemic and the relief provided to suffering individuals, employees and employers, SARS is determined to ensure that compliance rates among employers will increase significantly this year. I will.

Employers who do not submit salary data on time may be liable for delays in submission Penalty of up to 10% of salary value..

SARS emphasized that all taxpayers and traders are obliged to maintain compliance during the difficult times of Covid-19.

“Such compliance and revenue contributions allow the government to provide vulnerable South Africans with important social goods and services and hire heroic front-line workers in the fight against Covid-19. ..

These contributions also allowed the government to launch a vaccination program to create herd immunity against the virus. “

Revenue services, on the other hand, thank compliance employers for maintaining compliance each year by filing tax returns and making the required payments on time.

“We urge all employers to have accurate and up-to-date information to be submitted to SARS for the benefit of a seamless and hassle-free filing season with their employers.

For more information on submitting payroll data and available online platforms, employers can access the PAYE page of the SARS website. www.sars.gov.za


read: Flashing warning light for wealthy South African taxpayers



SARS warns about tax deadlines – and if you miss it, you will be fined heavily

Source link SARS warns about tax deadlines – and if you miss it, you will be fined heavily

Back to top button