There is negative publicity and criticism around the new “Verification of Income Tax Return” process, introduced by the South African Revenue Service (SARS) whereby corporate taxpayers are required to reconcile the Income Tax, Value Added Tax (VAT), Employees’ Tax (PAYE / UIF / SDL) and Customs declarations.
SARS have gone back to the drawing board and are going to relook at its format. The Payroll Authors Group of South Africa (PAGSA), of which we are members, as well as other professional bodies have put forward a number of proposals on how the form, as well as the process, could be improved. We should hear something from SARS in the coming months but given that it’s the start of the new filing season and that the government’s new budget cycle has just kicked in, we don’t expect much to happen in the next few weeks.
More about this will be sent out later in the year (or as it comes to hand!).