5 March 2009
The 2008/09 financial year for the South African Revenue Service (SARS) ends
on 31 March 2009. This day is the final payment date and the single biggest
collection day due to the payment of provisional tax by companies and the
payment of Value Added Tax (VAT). Last year SARS collected almost R25 billion
on this day we thank compliant taxpayers who make every endeavour to meet their
tax commitments timeously.
SARSâs experience from previous years is that many taxpayers delay meeting
their tax obligations. These tactics include:
* not paying on time
* issue return-to-drawer (RD) cheques to SARS which are not valid, which are
not signed or which are dated incorrectly
* submit VAT or Pay As You Earn (PAYE)-returns without making payment to
SARS
* late electronic bank transfers.
SARS wants to caution taxpayers and tax practitioners against these
practices in order to avoid penalties and interests being imposed on
outstanding taxes. For this year SARS will not invoke provisions of the Income
Tax Act that allow SARS to move the due date forward by up to two business days
for returns and payments from taxpayers.
In turn SARS is counting on the co-operation of all taxpayers and
practitioners to submit returns and payments on time and to exercise extra
diligence, care and accuracy.
Issued by: South African Revenue Service
5 March 2009
Source: South African Revenue Service (http://www.sars.gov.za/)
