SARS aims for R1.1 trillion in taxes

By Staff Writer
Tom Moyane, South African Revenue Service (SARS) commissioner, announced that SARS intends to collect R1.1 trillion in taxes for the 2015/2016 tax period. This is an increase of 9.69% on the initial target of R993.4 billion that was announced at the beginning of last year’s tax season. However, this target was later adjusted to R979 billion in the February 2015 Budget.
 
Tax season opened on 1 July. According to a report, 17 000 people had already filed their tax return by 8am, with that number increasing to 29 000 by 10am. Nhlanhla Nene, the Minister of Finance, noted: “Someone filed just after midnight, and by this morning (1 July) they had been informed about their refund.”
 
At the close of the 2014/2015 fiscal year in May, SARS had collected R986.4 billion, R7.4 billion more than their revised collection target.
 
How will SARS collect more tax?
 
To make it easier for people to submit their tax returns, SARS offers a variety of platforms and means to do so.
 
In a statement released by SARS, it stated: “SARS will continue to strive towards providing the best services possible to taxpayers during Tax Season. In this regard, we continue to extend our operational reach across the country. The ever-increasing SARS footprint now extends to 52 branches nationwide, 21 Mobile Tax Units that service taxpayers in remote areas of the country and increased efficiency at the SARS Contact Centre.”
 
To further enhance compliance, SARS has “improved its ability to verify taxpayer information through third party data.”
 
SARS highlighted: “Taxpayers are urged to provide correct and accurate information on their returns. Incorrect information could result in audits and penalties being applied.”
 
2015 Tax Season deadlines
 
SARS has highlighted the important deadlines for submission of all tax documentation.
 
The deadline dates are as follows:
·         Manual submission via post or dropping them off in a SARS drop box – 30 September 2015.
·         Non-provisional* taxpayers – 27 November 2015.
·         Provisional** taxpayers using eFiling – 29 January 2016.
 
*Non-provisional taxpayers are “are the majority of employed individuals who submit a tax return and who earn an income from one or more employer,” explained SARS.
**According to SARS, “Provisional taxpayers form a much smaller segment of the tax base and are those individuals with other forms of income like investment income, income from business activities, rental income, royalties’ income or directors of companies.”

Recent Articles

Featured Tax implications for capital gains

Capital gains do give rise to tax implications. We approached an expert to find out what these are.

Preparing your domestic staff for leaving your employ

We found out what measures you should take in order to ensure your domestic worker is financially secure after they leave your employ.

Can you monetise your hobby?

As with most hobby enthusiasts, you likely have spent many hours developing unique skills to perfect your passion. However, have you considered getting paid for this effort as well?

What are the interest rates on store accounts?

Opening a store account is one of the easiest ways to build your credit score. Not surprisingly, a recent report by the National Credit Regulator (NCR) found store accounts to be among the most popular credit types for South African consumers - and demand for them is growing

Deals

Thursday Prawn Special at Blowfish Restaurant

Price: R125
When: Thursdays
Where: Cape Town

Tonsorial Gents Cut and Style Deal

Price: R300
When: Tuesdays to Saturdays
Where: Cape Town

Pedicure Spring Special at Shambala Spa

Price: R390
When: Mondays to Fridays
Where: Gqeberha


Latest Guide

Guide to debt rehabilitation solutions