SARS to publish 2014 Tax Season notice
15 May 2014
Posted by: Author: All Africa
Author: All Africa
A public notice will be published in the Government Gazette this Friday - requiring employers to submit their payroll data to the South African Revenue Service (SARS) for the 2014 tax season.
"Although the Employer Annual Reconciliation period must be filed by 30 May 2014, employers have been able to submit their Reconciliations from 1 April 2014, and since last month SARS has been reminding employers in writing that the submission period had begun," SARS said in a statement on Wednesday.
Employers are required to submit their Employer Reconciliation Declarations (EMP 501 forms) and Employee Tax Certificates (IRP5 certificates of employees) for the transaction period from 1 March 2013 to 28 February 2014.
The revenue service said that employers play an important role in the tax system because the payroll data of employers enables SARS to prepare a pre-populated income tax return for employees which will become available when the 2014 tax season begins in July.
In 2013, more than 85% or 242 998 employers submitted their payroll data to SARS on time, and employers that do not meet submission deadlines may face an administrative penalty for each month that a complete return is not filed. This administrative penalty may be calculated up to 10% of the total PAYE that was or should have been deducted.
This article first appeared on allafrica.com.