Finance Minister Nhlanhla Nene
Photo by: Duane Daws
The National Treasury has set a tax collection target of R1.1-trillion which the South African Revenue Service has to achieve for the 2015-16 fiscal year.
SAnews.gov reported that Sars had already received 17 000 tax returns via branches and mobile units across the country by 08:00, as the tax season kicked off on Wednesday.
More than 29 400 tax returns were filed via eFilling.
Speaking to the media on the first day of the tax filing season, Finance Minister Nhlanhla Nene and Sars Commissioner Tom Moyane were happy that South Africans had heeded the call to submit their returns early.
People whose income is less than R350 000 do not have to file a return for 2015, unless they have more than one employer, have a rental income or receive a car allowance. The last seasons’ threshold was R250 000.
The filing period is for the period of March 1 2014 to February 28 2015.
The most common required documentation a taxpayer needs to file includes:
- IRP5 issued by employer;
- Proof of medical expenses, i e medical aid and other invoices (if applicable);
- Interest received certificate, i e IT3(b) (if applicable); and
- Travel logbook (if undertaking business travel on behalf of employer).
The important deadline dates in the 2015 tax season are:
September 30 2015: Manual/postal submissions
November 27 2015: At a SARS branch (non-provisional)
November 27 2015: eFiling (non-provisional)
January 29 2016: Provisional taxpayers via eFiling