Efficiency improves, but young and old vulnerable.
Almost 95% of income tax returns were processed within three seconds of submission in the 2013/2014 fiscal year.
The South African Revenue Service (Sars) has come a long way since 2007 when only 2.6% of returns were processed within 48 hours of submission. The improvement in the turnaround times of assessments comes largely on the back of the modernisation of its processes, notably eFiling.
Each year Sars and the National Treasury release a joint publication called Tax Statistics. The booklet aims to inform the public and other interested parties of revenue collection figures, offers insight into economic indicators and is also an effort to assist policy makers.
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.