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SARS Announces Changes To Provisional Tax Rules,
by Robert Lee, Tax-News.com, London
Wednesday, December 17, 2008
The South African Revenue Service (SARS) has announced that rules governing provisional tax payments have been relaxed to ease the administrative and financial burden on taxpayers.
Earlier this year Parliament approved an important change to the second provisional
tax payments process and the imposition of additional tax on underestimates
relating to these payments.
Until now, additional tax has been imposed if the estimate for the second period
is not equal to at least 90% of the taxable income for the year or the basic
amount (essentially the taxable income for the last year assessed).
The Revenue Laws Second Amendment Bill (2008), approved by Parliament and due
for promulgation in January 2009, provides that additional tax will be imposed
if the estimate is not equal to at least 80% of the final taxable income for
the year.
An existing provision that SARS may waive the additional tax if the estimate
is "seriously calculated and is not deliberately or negligently understated"
has been retained.
According to SARS, the amendment, which followed the usual Parliamentary consultation
process, was aimed at creating more certainty and accuracy in provisional tax
payments to the benefit of both taxpayers and the tax collector.
More accurate estimates by taxpayers will reduce the number of times that taxpayers
have to respond to SARS’s enquiries in this regard, the service stated.
Taxpayers have long had the option of using actual taxable income for the current
year as a basis for estimating the second provisional payment. This option was
typically used when taxpayers expected a lower taxable income than the basic
amount. These taxpayers were generally able to make estimates to within the
required 90% of actual taxable income. "Taxpayers facing difficult circumstances
in the current trading environment thus have more leeway for error than they
would have up to now," SARS stated.
SARS has decided to implement a transitional arrangement for second provisional
tax payments due on or before February 28, 2009. In terms of this transitional arrangement, SARS will waive the additional tax
imposed under the new legislation where provisional tax payments are based on
estimates that are equal to at least 90% of the taxable income for the year
or the basic amount.
SARS explained that the IRP6 provisional tax returns due for submission by February 28, 2009 are currently being printed for distribution to taxpayers.
These forms are identical to previous forms except that, in line with the new
legislation, they no longer contain a SARS-proposed calculation.
The new provisions will apply in full effect from March 1, 2009.
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