#YourTaxMatters: Looming January 31 deadline for Provisional Taxpayers
Once again, it is that time of the year where Individuals, Trusts and Companies are preparing to file and make payments for Provisional Tax before the January 31, 2022 deadline.
Any person who falls within the definition of a “Provisional Taxpayer” as defined in paragraph 1 of the Fourth Schedule of the Income Tax Act, No.58 of 1962 must file an IRP6 Form. If not, it could affect their tax compliance status.
Provisional taxpayer you have until 31 January 2022 to file your personal income tax. Use eFiling or the SARS MobiApp. For more info please click here :https://t.co/QkqjXp3ssC#YourTaxMatters pic.twitter.com/4Dmp9k0gWV
— SA Revenue Service (@sarstax) January 13, 2022
Provisional taxpayers pay normal tax in advance for a particular year of assessment, based on their estimated taxable income for that year of assessment. It is applicable to companies, trusts and individuals who receive income not constituting remuneration (such as taxable interest, rental income or business income.)
It is meant to assist taxpayers to meet their tax liabilities on an ongoing basis, as opposed to paying a large amount once when the annual return is assessed.
Taxpayers are urged to file their returns and make payments via eFiling, rather than visiting SARS offices during this time of the Covid-19 pandemic. eFiling allows you to request an IRP6 return and make secure online payments and submissions.
Remember, you can submit supporting documents online
If you are required to submit supporting documents to SARS, you can do so via our online platforms: eFiling, SARS MobiApp, or the SARS Online Query System: https://t.co/h9BKkWOY6g
#YourTaxMatters pic.twitter.com/vWwJtRMPuo— SA Revenue Service (@sarstax) December 13, 2021
Taxpayers who are unable to access eFiling and who wish to visit a branch should first make an appointment. This can be done by calling 0800 00 7277, going to the SARS website or sending an sms to 47277 with the word Booking (space) your ID number.
Provisional taxpayers who fail to submit the final provisional tax return within four months after the last day of the year of assessment will be deemed to have submitted an estimate amount of nil taxable income. Underestimation or underpayment of taxable income on a Provisional Tax Return may lead to penalties and interest.
In 2021, SARS introduced a Covid-19 Tax Relief for Provisional Tax, aimed at compliant small to medium-sized businesses and micro-businesses. Qualifying provisional taxpayers may pay 15% instead of one half of an amount equal to the total estimated liability (as determined in accordance with paragraph 17 of the Fourth Schedule) for normal tax, provided that the requirements of the tax relief are met.
For more on this, go to the SARS website.
As we near the Provisional Tax Filing season deadline on January 31, 2022, SARS is ready and willing to assist you to become compliant. This is in line with our strategic objectives in which we have committed to “provide clarity and certainty’ and to “make it EASY for taxpayers and traders to comply with their obligations”.
Regional News
- The Benoni SARS branch will be relocating this weekend to a different location. SARS will be closing its doors at its current location, 65 Howard Street, Benoni, on Friday, January 21 and opening at the Lakeside Mall, Shop E006 (Dischem entrance) on Monday, January 24. All services offered at the current branch will be available at the new location.
Remember to book an appointment before visiting the branch. You can do so by calling 0800 00 7277, going to the SARS website or sending an sms to 47277 with the word Booking (space) your ID number.
