http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 14.12Change: 0.13
R/$ = 11.18Change: 0.11
Au 1215.89 $/ozChange: -0.37
Pt 1274.00 $/ozChange: -14.00
 
 
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?








Start
 
End
 
 
And must exclude these words...
Close Main Search
Close Main Login
My Profile News Alerts Newsletters Logout Close Main Profile
 
Agriculture   Automotive   Chemicals   Competition Policy   Construction   Defence   Economy   Electricity   Energy   Environment   ICT   Metals   Mining   Science and Technology   Services   Trade   Transport & Logistics   Water  
What's On Press Office Tenders Suppliers Directory Research Jobs Announcements Contact Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
May 15, 2008

Sars simplifies personal income tax filing process

Back
Finance Minister Trevor Manuel discusses the modernisation process of the tax return process
Africa|System|Systems|Africa|South Africa|E-filing|Logistics|Service|Supply New Software|Systems|South African Revenue Service|Trevor Manuel
Africa|System|Systems|Africa||Logistics|Service|Systems||
africa-company|system|systems-company|africa|south-africa|efiling|logistics|service|supply-new-software|systems|south-african-revenue-service|trevor-manuel
© Reuse this



Finance Minister Trevor Manuel on Thursday launched the 2008 tax-filing season, and announced changes to the personal income tax for individuals that would impact on the obligations of employers.


The new changes would require that employers submit accurate pay-as-you-earn (PAYE) information.

South Africa would have two filing seasons, one for employers and another for individuals. Employers would have between July 1, 2008, and August 29, 2008, to file their PAYE and have this information reconciled by the South African Revenue Service (Sars) before sending out workers' IRP5 forms.

Employers are required to issue employees with IRP5 tax certificates, where tax has been deducted from salaries.

Sars said that it had developed and would supply new software to employers to enable them to achieve simpler PAYE reconciliations.

The information would be prepopulated on the individual's tax return form and, thus, simplify the tax-filing process. Individuals would have until November 21, 2008, to submit manual tax returns and until January 23, 2009, to submit e-filing returns.

Further, Sars said that individuals that earned less than R120 000 a year and only had a single employer and no additional income or expenses in the year, would not be required to file an individual tax return.

It would have the information on its system and would be able to monitor noncompliance from those that were suppose to file a tax return, it stated.

Manuel called the tax-return simplification process one of modernisation and said the system was maturing.

TAX FORMS

Sars also said it had created a customised tax return form. The two new income tax returns, the IT12S and IT12C, which were introduced last year, would be merged into a single income tax return for individuals, the ITR12. The return would be customised according to the complexity of a taxpayer’s income tax affairs.

Those with standard declarations would receive a return containing only the necessary fields, while individuals with foreign dividends or business income, would receive the appropriate additional fields.

Owing to this, as well as the logistics and costs involved with sending out tax returns, Sars would send out letters to all registered taxpayers that would require individuals to request a tax return.

Requests for a tax return could be made telephonically, by using eFiling, sending a return request attached to the letter, or by visiting any Sars office.

All forms and requests would also be made available in multiple languages.

SUPPORT SYSTEMS

Sars explained that it had implemented a four-tier structure to its control centres in order to upgrade its service to taxpayers. This structure would allow taxpayers to reach the correct persons to deal with their specific queries.

Sars commissioner Pravin Gordhan said during a media briefing that the costs involved with its entire modernisation process, or personal income tax reform programme, which began in 2007, would amount to about R650-million for the year.

Sars noted that it hoped to continue simplifying and updating the tax return process, to the point where all third-party data, such as data from medical aid schemes, were prepopulated on tax returns.


 


Edited by: Mariaan Webb
© Reuse this Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
 
Latest News
Updated 14 minutes ago The lateral movement in the South African Chamber of Commerce and Industry’s (Sacci’s) Copper Theft Barometer for August could again point to the possibility that levels of copper theft were stabilising, the chamber noted on Thursday. The Copper Theft Barometer...
Mark Shuttleworth
Updated 1 hour 19 minutes ago The Supreme Court of Appeal (SCA) on Wednesday ordered the South African Reserve Bank (SARB) to repay entrepreneur Mark Shuttleworth R250-million plus interest in a case about exchange controls. In a statement on his website, Shuttleworth pledged to put the money,...
Updated 1 hour 28 minutes ago Morocco has secured a $519-million loan from the World Bank to partly finance two solar power plants with a combined capacity of up to 350 MW, the second phase of the 500 MW Ouarzazate project, the bank said in a statement on Wednesday. Results of tenders for...
More
 
 
Recent Research Reports
Road and Rail 2014: A review of South Africa's road and rail infrastructure (PDF report)
Creamer Media’s Road and Rail 2014 report examines South Africa’s road and rail transport system, with particular focus on the size and state of the country’s road and rail network, the funding and maintenance of these respective networks, and the push to move road...
Real Economy Year Book 2014 (PDF Report)
This edition drills down into the performance and outlook for a variety of sectors, including automotive, construction, electricity, transport, steel, water, coal, gold, iron-ore and platinum.
Real Economy Insight: Automotive 2014 (PDF Report)
This four-page brief covers key developments in the automotive industry over the past 12 months, including an overview of South Africa’s automotive market, trade figures, production and the policies influencing the sector.
Real Economy Insight: Construction 2014 (PDF Report)
This five-page brief covers key developments in the construction industry over the past 12 months. It provides an overview of the sector and includes details of employment in the sector, infrastructure and municipal spending, as well as insight into companies’...
Real Economy Insight: Electricity 2014 (PDF Report)
This five-page brief covers key developments in the electricity industry over the past 12 months, including details of State-owned power utility Eskom’s generation activities, funding and tariffs, independent power producers and prospects for the sector.
Real Economy Insight: Road and Rail 2014 (PDF Report)
This six-page brief covers key developments in the road and rail industries over the past 12 months, including details of South Africa’s road and rail network and prospects for both sectors.
 
 
 
 
 
This Week's Magazine
The latest TransUnion Vehicle Pricing Index (VPI) contains a number of small, but significant indications that the tide may at last be turning for the beleaguered used car industry. For the third successive quarter, used car inflation has increased on a year-on-year...
The South African new vehicle market is likely to reach around 630 000 units in 2014, down from the 650 000 units recorded in 2013, says Toyota South Africa Motors (TSAM) president and CEO Dr Johan van Zyl. Van Zyl is also president of the National Association of...
Efforts by the Kenya government to increase energy generation by 5 000 MW over the next three years received a major boost following the award of a $2-billion contract to build a coal power plant in Lamu.  Despite allegations of irregular tendering process, the...
Using crafty wordplay on a well-known Internet meme, brilliant South African-born US entrepreneur and businessperson Elon Musk announced that Tesla Motors would not initiate patent lawsuits against anyone who, in good faith, wanted to use its technology. Instead,...
August new vehicle sales declined by 1.4%, to 55 722 units, compared with the same month last year. Assisted by the car rental market, the South African new passenger car market, at 37 953 units, contracted by 1 047 units, or 2.7%, compared with August last year.
 
 
 
 
 
 
 
 
 
Alert Close
Embed Code Close
content
Research Reports Close
Research Reports are a product of the
Research Channel Africa. Reports can be bought individually or you can gain full access to all reports as part of a Research Channel Africa subscription.
Find Out More Buy Report
 
 
Close
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks