Global Courant 2023-05-12 10:00:33
The South African Reserve Bank (SARB) has reminded taxpayers that the due date for its annual third-party data submissions for 2023 will close at the end of this month.
According to the tax authorities, the returns for the period March 1, 2022 – February 28, 2023 close on May 31, 2023.
“Submissions regarding data files and statements of the different data types to be reported must now be submitted,” SARS said.
SARS reported that by the morning of Thursday (May 11), the group had received only 35% of the expected submissions for this period.
This is worrying, as there are only three weeks left until the due date.
SARS has now encouraged taxpayers to submit submissions before the due date to avoid last-minute issues and potential delays.
Under South African law, third parties such as banks, medical schemes, fund managers and more are required to provide information or data to SARS through a tax return.
“This means that a bank must, for example, provide information to SARS about the interest paid on savings in taxpayer accounts.”
“Medical schemes are also required to send information about individuals’ total contributions, expenses not covered by the medical aid, and the number of dependents.”
The tax authorities have provided the following list of persons (third parties) who must send information to SARS. It includes, but is not limited to:
Lawyers Banks (including mutual banks) Companies listed on the JSE that issue bonds, debentures or financial products Cooperatives and any other person who purchases livestock, produce, timber, ore, minerals or gemstones from a primary producer other than for retail purposes. Cooperative banks Brokers Financial institutions (such as long-term insurers, pension funds and collective investment schemes) Health insurance schemes State agencies that issue bonds, debentures or financial products Postbank State-owned companies that issue bonds, debentures or financial products Any person who pays any amount of interest to or for the benefit of a foreign person (to the extent believed to be from a source in SA) SA resident companies, foreign resident companies whose shares are listed on the JSE, and regulated intermediaries distributing dividends/foreign dividends Reporting Institutions as described in the FACTA Agreement.
Read: SARS cracks the tax compliance whip – and it makes these taxpayers’ lives harder
