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South Africa Changes e-Filing Tax Payments

by Lorys Charalambous,, Cyprus

05 September 2013

As part of the modernization of its payment and accounting processes since 2009, which has the aim of empowering taxpayers to manage their financial responsibilities more independently, effectively and efficiently, the South African Revenue Service (SARS) has disclosed that debit pull transactions on eFiling will be phased out from September 4.

The process will take place over one month, after which a warning message will appear on eFiling, where a debit pull transaction is no longer available. Taxpayers are encouraged to perform credit push transactions or use one of SARS's alternative methods of payment.

Debit pull refers to transactions where the payer has requested SARS to collect on their behalf at a specified date. This payment mechanism involves the initiation of a payment instruction from SARS's bank to the client's bank. The debit push mechanism may be reversed due to insufficient funds once the request is processed by the bank.

A credit push transaction refers to a payment transaction that is initiated on eFiling and presented to the client's bank through a banking product as a payment request awaiting authorization. The taxpayer is required to log into the banking product (for example, internet banking) and authorize the payment request to finalize the transaction. Credit push transactions are irrevocable once approved.

Alternative methods of payment are also available, and include over the counter payments at a bank, electronic funds transfers using internet banking, and at a specific SARS branch (including customs).

TAGS: individuals | South Africa | compliance | tax | business | tax compliance | banking | tax authority | internet | Africa | Tax

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