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23 January 2013 – Deadlines approaching

23 January 2013 – Deadlines approaching

Deadlines approaching

Pretoria, 23 January 2013 – SARS would like to remind taxpayers of two important deadlines on 31 January.

The first is the deadline for submission of 2012 income tax annual returns (ITR12) by provisional taxpayers who use the eFiling system. Provisional taxpayers are a smaller segment of the South African tax base comprising any person who received income which does not constitute remuneration (i.e. receive an income other than a salary).

The second deadline is for the payment of outstanding assessed tax by non-provisional taxpayers who filed their returns via eFiling, for whom the filing deadline was 23 November 2012.

As part of the range of incentives to use eFiling, taxpayers are given until 31 January to make payment on an assessed tax liability irrespective of when they submitted their returns, giving them up to seven months interest free to make the payment. An important proviso, however, is that failure to make payment by 31 January 2013 will trigger back-dated interest.

As of 21 January 2013, SARS had received a total of 6,080,554 Tax Returns since the start of the 2012 Filing Season. Of these, 4,496,054 (a 13 % increase from 2011) are for the 2012 Tax Season, and 1,584,500 (a 24 % increase from 2011) are from previous years.

Of the returns received to date, approximately 15.9% (927,810) resulted in an additional tax liability totalling R7.21 billion which is R348 million (6.9%) more than the R3.45 billion paid in 2011.

ENDS.

Publication date: 23 January 2013

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