Business

Sars changes cheque payment rules

18 March 2010

The South African Revenue Service (Sars) on Wednesday announced new rules for cheque payments.

"From 1 April 2010, the SA Revenue Service will no longer accept cheque payments made using the abbreviation Sars.

"All cheques must from 1 April 2010 be made out to the South African Revenue Service," it said in a statement.

The decision had been taken as part of ongoing efforts by Sars and banking institutions to limit the opportunities for fraudulent activities, as well as decrease possible losses due to similar account names.

"Taxpayers can also take advantage of other methods of payment to Sars, such as the use of online banking, electronic funds transfers, or payments through the secure efiling channel," Sars said.

It urged all taxpayers to view the decision as a further step towards protecting payments to Sars and preventing fiscal theft through cheque fraud.

Sapa