West-Evans Incadmin, Author at West-Evans Inc

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VAT e-Filing – Latest Announcement from SARS.

SARS has issued a statement which confirms that the Status Quo remains unchanged.

VAT vendors may submit their returns via eFiling up until the last day of the month, without incurring interest and penalties.

 

SARS announcement:

VAT SUBMISSION DATE: eFiling

SARS is not requiring VAT vendors who use eFiling to submit VAT returns on the 25th of the month. The benefit of no interest, penalties, or prosecution will remain effective if the return and payment are submitted via eFiling (or EFT) on or before the last business day of the month.

A perception has been created that to enjoy the benefit of no interest, penalties or criminal prosecution the due date for filing a VAT return electronically (i.e. via eFiling) is now the 25th of the month, though payment could still be made until the last business day of the month.

This was the result of an amendment to proviso (iii) to section 28(1) of the Value-Added Tax Act came into effect on 1 October 2012 when the Tax Administration Act became operational.

To clarify this matter, a further amendment to the proviso will be included in the current draft Tax Administration Amendment Bill. This will ensure that the due date for both filing and payment remains the last business day of the month if the return is filed via eFiling and payment is made either via eFiling or EFT on or before that day and the payment reflects in the SARS account on or before that day.

As a result, SARS is not requiring eFiling users to submit VAT returns on the 25th of the month. The benefit of no interest, penalties or prosecution will remain effective if the return and payment are submitted via eFiling (or EFT) on or before the last business day of the month.

However, eFiling users should note that interest and penalties are chargeable with effect from the 25th of the month where a return is filed or payment is made after the last business day of the month.

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SARS VAT e-filing Surprise Change: Don’t Get Caught on 25 October!

Prior to the effective date of the Tax Administration Act (1 October 2012) it was possible for a vendor furnishing VAT201’s by way of efiling to do so by the last day of the month during which the return was due. VAT vendors may very well be caught off-guard because the Tax Administration Act changed this principle and now requires that the return must be submitted by the twenty-fifth day of the month.

It does not influence the principle that payment of the tax due can still be made within the period ending on the last business day of the month during which that twenty-fifth day falls. It is therefore important to note that the returns due in October 2012 (in respect of VAT periods ending during September) will have to be submitted by 25 October 2012.

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West-Evans Now a Level 1 B-BBEE Contributor

West-Evans Inc is proud to be a Level 1 B-BBEE contributor. We can help you improve your rating too – contact us to consult with our B-BBEE experts.

Alternatively, we are also an IRBA accredited B-BBEE verification practise and can issue valid certificates. Let us evaluate your scorecard and ensure the best possible outcome, quickly and cost effectively. Get a quote now.

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Change to UIF Earnings limit: Effective 1 October 2012

With effect from 1 October 2012 the Earnings limit for UIF has increased. Section 6(1) of the Unemployment Insurance Contributions Act 2002 (Act No. 4 of 2002) shall not apply to so much of the remuneration paid or payable by an employer to an employee during any month, as exceeds R14 872.

The increase is therefore
• R149 736 to R178 464 per annum or
• R12 478  to R14 872  per month or
• R2 879.53 to R3 432 per week or
• R5 759.08 to R6 864 per bi-week .

Payroll software, as well as manual records should be adjusted accordingly. For assistance in this regard or for further information contact us.

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