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You are at:Home»ECONOMIX»Looming deadlines for taxpayers in February
ECONOMIX

Looming deadlines for taxpayers in February

Grocott's MailBy Grocott's MailFebruary 21, 2023Updated:February 21, 2023No Comments3 Mins Read
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By SOUTH AFRICAN REVENUE SERVICES (SARS)

The South African Revenue Service (SARS) would like to remind taxpayers about various deadlines that could impact them.

Individual provisional taxpayers to file second provisional tax return (IRP6) on or before 28 February 2023

Individual taxpayers can either be provisional taxpayers or non-provisional taxpayers, depending on their income and income sources. Individual provisional taxpayers earn income other than remuneration (a salary), an allowance or an advance. It is important to note that extra income above your salary does not automatically make you a provisional taxpayer as there are certain requirements that qualify an individual taxpayer for provisional tax. You can read the full definition and requirements of a provisional taxpayer on the SARS website (www.sars.gov.za).

Provisional taxpayers are required to file provisional tax returns (IRP6) on or before 31 August and on the last day of February. The second provisional tax return for the 2023 tax year is due on 28 February 2023. The 2023 tax year runs from 01 March 2022 to 28 February 2023.

Corporate Income Tax (CIT) on Companies with February Financial year end

Once again, it is that time of the year where businesses, big and small, must prepare for the February financial year-end.

Companies are required to submit their Annual Corporate Income Tax return (ITR14) within 12 months after their financial year end. Businesses with a February Financial year-end have until 28 February 2023 to ensure submission of their tax return. Businesses must be registered on SARS eFiling to be able to submit their tax.

Penalty reminder for outstanding returns

SARS believes that taxpayers are honest and willing to comply.

However, we have seen a spike in the number of taxpayers who have not filed on time and who now owe SARS administrative penalties.

From 1 December 2022, SARS imposed administrative penalties for late submission of one or more tax returns. Previously, taxpayers were only liable for administrative penalties for late submission if they had two or more tax returns outstanding for the tax years 2007 to 2020. This penalty is charged monthly and on a recurring basis and added to the taxpayer’s administrative penalty Statement of Account with SARS, which can be accessed on SARS eFiling.

Taxpayers are encouraged to make timeous payments before the required deadline. These payments can be made via SARS eFiling, EFT payments, payment at a Bank.

There may be a number of valid reasons that led to these penalties. However, SARS has a system in place where you as the taxpayer can request to have these penalties waived should you disagree with the penalty.

For more information on any of the topics mentioned above, you can visit the SARS website www.sars.gov.za. In addition, there are a number of related videos and webinars that are available on the “SARS TV” Channel on YouTube.

SARS also has other social media platforms that you can follow such as Linked-In, Facebook and Twitter where relevant information is shared on various topics, important dates, and events etc.

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