FAQ: What is the minimum amount that doesn’t need to be paid to SARS or refunded to a taxpayer?
Tax debt due to SARS or a refund, due to a taxpayer, amounting to R100 or less need not be settled or refunded, but will remain on the taxpayer’s account. However, interest resulting from this amount will be calculated. This rule applies to all taxes, duties, levies, royalties, fees, contributions, penalties, interest and any other […]
FAQ: When will the IT3-01 – Certificate Information be updated, as companies will need to issue clients with certificates, due to their financial year ends, to account for the amount withheld?
The IT3-01 – Certificate Information will be updated. SARS will notify clients once this is available.
FAQ: Will I be able to submit a Request for Correction (RFC) for WTI?
Yes, you will be able to submit a revised declaration for WTI. Please note that any overpayments that result from an RFC can be used to pay subsequent returns or requested for refund.
FAQ: Is there a Statement of Account (SOA) available for WTI?
Currently there is no SOA available for WTI, SARS will notify clients once this become available.
FAQ: I can’t pay using a credit push transaction on eFiling. Are there any alternative methods to pay Withholding Tax on Interest (WTI)?
No, there are no alternative ways to pay WTI. WTI can only be paid to SARS electronically via eFiling. See more information.
FAQ: Why has a “Delete” button been included for WTI on eFiling and not any other tax types?
A delete button has been included on the WTI Work page to allow a user to remove a return they are not liable to submit. The Return for Withholding Tax on Interest (WT002) only needs to be submitted, for the months in which tax has been withheld and paid.
FAQ: Why is the Payment Reference Number (PRN) not available to clients for WTI?
Withholding Tax on Interest (WTI) payments can only be made on eFiling. The PRN will automatically be generated when processing the payment and is shown on the Payment Initiation Results page starting with SARSEFILNG. This PRN can’t be used when paying for other SARS payment options available.
FAQ: Must the Return for Withholding Tax on Interest (WT002) be submitted monthly?
No, the WT002 only needs to be submitted for the months in which tax has been withheld and paid. E.g. if no tax is withheld and paid for April, no return and tax payment need to be made in May.
FAQ: Is interest payable on funds held in a trust account as envisaged in section 21 of the Financial Markets Market (FMA)?
Section 21 of the FMA requires that every authorised user must open and maintain a trust account at a bank designated for client funds. The client funds held at the designated bank accrues interest which is payable by the trust to the individual owners of the funds after the deduction of any fees owed to […]
FAQ: When is interest payable by a bank to a foreign person exempt from the withholding tax?
Interest paid by a SA Bank directly to a foreign person is exempt from the withholding tax. This exemption will not apply when a foreign person invests an amount with a bank and on the strength of that investment the bank provides a loan to someone else (also referred to as back-to-back loans).
