To enhance security measures and to protect taxpayers, any changes made to PAYE, CIT and VAT banking details will be verified by SARS before updating the banking profile.
If you need to register or change your banking details you can do it:
• In person at any SARS branch
• Via SARS eFiling (For CIT only)
o When completing and submitting an Income Tax Return for Company (ITR14)
o By completing the Legal Entity Registration form (REG01).
Please note that in order to use eFiling you have to be registered (www.sarsefiling.co.za) and that using this option to change your banking details could result in SARS asking you to visit a branch to verify the relevant information you supplied.
To protect taxpayers against fraud, any changes that you make to your banking details will be verified by SARS before updating your banking profile. Any tax refunds due to you (if applicable) will be paid after your banking details have been verified.
A SARS branch is the preferred channel to register or change your banking details as it enables the SARS staff to:• Verify the person requesting the change of banking details is authorised to do so
• Review the relevant material in order to eliminate fraud
• Streamline the process.
The following relevant material is required when registering or changing banking details for taxpayers other than individuals at the SARS branch:
• Either a copy of:
o The Memorandum of Incorporation in the case of a company
o A Partnership/Joint Venture agreement
o A trust deed together with the minutes of a meeting specifying who is authorised to act on behalf of a trust
o A Foreign donor agreement between the applicable country and South Africa in the case of a foreign donor funded project
• A valid original identity document/passport/driver’s licence or a temporary identity document/passport/driver’s licence of a representative taxpayer/employer/vendor
• Copy of the bank statement with the original bank stamp or ABSA eStamped statement not more than three months old that confirms the account holder's legal name, account number, account type and branch code, if applicable or in the case and only based on exception where the client opened a new bank account and cannot produce a bank statement, an original letter from the bank on the bank letterhead with the original bank stamp confirming the account holder’s legal name, account number, account type, branch code and reflecting the date the bank account was opened
• Copy of a proof of residential address of a representative taxpayer/employer/vendor
• Copy of a proof of physical business address of a taxpayer/employer/vendor.
For VAT, the following additional relevant material is required in the case where the third party bank account is used:For a Non-resident Company:
• Indemnity form VAT119i
• A copy of the Memorandum of Incorporation or similar document issued indicating country of issue
• A copy of the letter of appointment of the representative vendor
• A valid original of an identity document/passport/driver’s licence or a temporary identity document/passport/driver’s licence of the authorised signatory of the nominated bank account.
For a Subsidiary or holding company as defined in section 1 of the Companies Act No.71 of 2008:
• Indemnity form VAT119i
• A copy of the letter from the Public Officer confirming group structure
• A copy of a Letter of appointment of the representative vendor
• A valid original of an identity document/passport/driver’s licence or a temporary identity document/passport/driver’s licence of the authorised signatory of the nominated bank account.
The following relevant material is required when changing banking details for a company in liquidation:
• Letter of appointment signed and stamped by the Master of the High Court
• A copy of the Memorandum of Incorporation
• A valid original of an identity document/passport/driver’s licence or a temporary identity document/passport/driver’s licence of the liquidator
• Copy of the bank statement/original letter from the bank with the original bank stamp not more than three months old confirming the company’s bank account details
• Copy of a proof of residential address of the liquidator.
There are certain exceptional circumstances under which SARS will allow registration and verification of banking details to be done by a person who is not the taxpayer/representative taxpayer/ Public Officer and who has power of attorney. Such a person will still have to visit a SARS branch.