Tax filing season begins
Wed, 02 Jul 2008
The tax filing period for South Africa's employers has begun, the SA Revenue Service (Sars) said in a statement on Tuesday.
"From 1 July all employers are required to complete and submit a Reconciliation Declaration (EMP501) which will record the amount of tax deducted from employees, the amount paid over to Sars and the amount appearing on IRP5 certificates of employees," Sars said.
In the 2008 tax season, a new emphasis was being placed on the information supplied by employers to Sars in respect of the PAYE deducted from employees.
"This year employers will be required to meticulously and timeously submit records which will ensure that Sars is in possession of accurate information about their employees," Sars said.
These records would ensure that Sars could pre-populate income tax returns for certain categories of individuals and it would allow for the verification of information supplied by individuals on their tax returns.
"In addition the information declared by employers, in terms of existing law will be utilised in PAYE audits of employers to verify whether the correct amount of tax was levied, deducted from employees, and paid over to Sars."
Sars would extend its services – through direct engagement and by providing automated tools and assistance – to all employers who wished to comply.
"As from today all Sars branch offices can provide employers with a free version on disk of the easyFile computer software."
The employer could save the reconciliation results on disk and submit it manually to Sars or electronically via sarsefiling before or on 29 August 2008.
The software is also available for Windows and Mac download from the Sars eFiling website
Sapa
