Last year, SARS collected R12-billion less than its initial target. New regulations to gather more “intelligence” from third parties are set to pull the noose tighter around tax-evaders and those who simply keep sloppy records.
Category: Tax Returns
Wider powers for Sars a wake-up call
Sars has gazetted far-reaching new regulations that will give it access to a greater range of third-party information it can use to cross-check returns submitted by taxpayers.”These new regulations will greatly enhance Sars’ ability to verify the accuracy of information submitted by taxpayers,” says Ettiene Retief, chairperson of the National Tax and Sars Stakeholders Committees at the South African Institute of Professional Accountants (Saipa). “It’s a clear indication that Sars is getting more serious about collecting the tax monies due to it.”
Sars punished Mpisane for honesty
Durban businesswoman was punished for making a voluntary disclosure to the SA Revenue Service.
Top 10 tax tips
Although the tax filing season for individual taxpayers is still some way off, getting your ducks (and documents!) in a row in the meantime can save a lot of time and effort when July 1, 2013 finally arrives. A number of legislative changes could have an impact on individual taxpayers in the 2013 tax year.
Introduction of the new dynamic income tax return for companies (ITR14)
An enhanced Income Tax Return for Companies (ITR14) will be introduced by SARS. The customised return will become effective on 4 May 2013 as part of the modernisation of Corporate Income Tax (CIT) aimed at improving efficiency and compliance.
Western Cape SARS Stakeholder Meeting: Minutes
On Wednesday the 20th of March, SAICA and SAIT had a meeting with the SARS to discuss operational issues raised by our Western Cape members. The meeting was very interactive and valuable insights were obtained from both the bodies and SARS.
Commissioner's discretion to levy or remit penalties under the Tax Administration Act
The Tax Administration Act 28 of 2011 (“TAA”) which came into effect on 1 October 2012 (bar a few specific sections) introduced two types of penalties, namely administrative non-compliance penalties and understatement penalties.
SARS and your bank account
On 29 February 2012, the South African Revenue Service (SARS) issued a notice in Government Gazette No 35090 (Notice No 173) relating to the liability of certain institutions, most notably banks, to furnish SARS with financial information about taxpayers. The notice was issued in terms of s69 of the Income Tax Act, No 58 of 1962, which section has been superseded by s26 of the Tax Administration Act, No 28 of 2011 (TAA).
SARS Rolls Out Mobile Phone Tax Return Filing
In a first for revenue authorities in Africa, the South African Revenue Service (SARS) has announced that taxpayers can now complete and file their tax returns via their mobile phones using its eFiling application. Using the application, users can submit their individual income tax return, view their notice of assessment and see their income tax statement of account, as well as view their tax calculator. For taxpayers to be able to submit their tax return using the SARS eFiling app, taxpayers must first register for eFiling from a computer or laptop at the SARS website. Once registered, users can then eFile from their mobile device or tablet. Earlier in September, SARS also announced that users of e-Filing who required assistance while completing their tax returns online would be able to use the Help-You-eFile service, a new facility which allows them to be in direct contact with a SARS Call Centre Read More …