AUDITING YOUR TAX COMPLIANCE PROFILE
Taxpayers who make use of the South African Revenue Service’s (SARS) electronic filing system (or as it is generally known, eFiling) will know that, in addition to containing a history of income returns, value-added tax, pay-as-you-earn, etc., a significant amount of personal and company data is stored on the platform. This includes information such as banking details, a person’s physical address, email addresses, and relevant contact persons for […]
TAX DISPUTES: SUSPENSION OF PAYMENT
With the 2020 tax filing season in full swing, many taxpayers are likely to engage in dispute proceedings as their income tax assessments are issued by SARS. This will particularly be the case where errors are contained on the so-called “auto-assessments” (which in itself is a misnomer). But what happens to the disputed tax amount until the process is finalised? Pay now, argue later The basic […]
FORM REQUIREMENTS FOR OBJECTIONS
Dispute resolution with the South African Revenue Service (SARS) generally has a two-pronged approach. Firstly, taxpayers must present their case on the merits – this will include the factual basis and background that has led to the dispute. Secondly, and equally important (if not more so), is the procedural process. This deals with timeframes, form […]
CIT RETURNS AND PENALTIES
In general, all registered companies must submit corporate income tax (“CIT”) returns within 12 months of the end of the company’s financial year-end. This is applicable to all companies that are resident in South Africa, that receive source income in South Africa, or that maintain a permanent establishment or a branch in South Africa. On […]
CHANGING BANKING DETAILS WITH SARS
In order to prevent fraud, the South African Revenue Service (“SARS”) requires confirmation of new or any changes to existing banking details and will only process any refunds due once these new details have been verified. (This often leads to frustration among taxpayers whose refunds are being withheld without notification of banking details that require […]