Print Page   |   Report Abuse
News & Press: SARS News & Tax Administration

New Cheque Payment Rules Implemented By The Payments Association Of South Africa (PASA)

17 August 2012   (0 Comments)
Posted by: SAIT Technical
Share |

By SARS Legal & Policy

The South African Revenue Service (SARS) would like to inform taxpayers that as of 16 July 2012 banks will no longer accept cheque payments exceeding R500 000 from their clients. This is a decision taken by the Payments Association of South Africa (PASA), the association responsible for managing payments within South Africa, with the endorsement of the South African Reserve Bank (SARB).

Furthermore, banks will also not accept "split cheque” payments i.e. a single and full amount of payment divided into two or more simultaneous cheque payments to make up an amount larger than R500 000.

These changes are in addition to the implementation of the SARS payment rules on 1 June 2011 which stipulate that SARS does not accept cheque payments in respect of Employees’ Tax and Value-Added Tax (VAT) and/or Diesel that exceeds R100 000. This applies irrespective of the number of tax periods for which payments are made. Should multiple cheque payments be received, the total amounts received may not exceed R100 000.

Noting the above, taxpayers who need to make payments that exceed the amounts indicated above to SARS are advised to use the following payment channels:

SARS eFiling through credit push. To be able to make payments via eFiling, taxpayers are required to register for eFiling on www.sarsefiling.co.za. The following banks are supported for credit push on eFiling:

o ABSA
o Citibank
o FNB
o Investec
o Nedbank
o Standard Bank.

Credit push, refers to payment transactions that are initiated on eFiling and presented to the banking product as bill presentation, i.e. a payment request. For more information on credit push, please go to www.sars.gov.za > I want to > Make a payment to SARS.

Electronic Funds Transfer (EFT) using the Internet through the following banks: o ABSA

o Capitec Bank
o First National Bank (FNB) o Investec
o Mercantile
o Nedbank
o Standard Bank.

Currently SARS does not provide an Internet or eFiling credit push solution for Estate Duty, Donations Tax and Royalties, and will accept cheque payments exceeding R500 000 from taxpayers with respect to these tax types until 16 July 2012. Taxpayers will be advised of further developments in this regard before 16 July 2012.




WHY REGISTER WITH SAIT?

Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.

MINIMUM REQUIREMENTS TO REGISTER

The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.

Membership Management Software Powered by YourMembership  ::  Legal