Major SARS tax deadline looms large this Easter
Before you turn your attention to your Sunday roast this Easter, don’t forget about this major 2024 SARS tax deadline.
We’re nearly there, but still need to vault one last 2024 SARS tax deadline before the financial tax year is through.
As stipulated on the South African Revenue Service (SARS) website, it’s reminding taxpayers to settle their tax debts by the end of the month, reports BusinessTech.
As we’ve reported previously on SAPeople website, since income tax submissions, SARS has been calling for taxpayers and businesses to settle all tax and customs debts before month end.
It reminded taxpayers that payments can be made via bank, electronic funds transfer (EFT), eFiling, the SARS MobiApp or at any SARS customs office.
2024 SARS TAX DEADLINE
“It is important that taxpayers and traders perform the payment transaction timeously so their banking institutions can release the payment to SARS.
This is a required step if the payment is made via eFiling and/or the MobiApp,” said SARS this week.
If you don’t know what you owe ahead of the 2024 SARS tax deadline that signals the end of the financial tax year, you can check your balance in the following ways:
- Request a statement of account on eFiling
- Check your balance on the SARS MobiApp
- SMS 47277 to SARS for the more information
FILL STATE COFFERS
The National Treasury has made no bones about the fact it was anticipating a higher tax yield than what has materialised so far.
As a result, any boost to tax collection in 2024, in the face of a scary budget deficit, is welcomed in the corridors of power.
In his February 2024 Budget Speech, Finance Minister Enoch Godongwana said at R1.73 trillion, tax revenue for 2023/24 is R56 billion lower than estimated in 2023.
Amongst others, tax yield has been negatively affected by logistics and transport challenges.
Therefore, customs duties are anticipated to be R5 billion less than the R8 billion forecasted in the middle of the year.
BRACKET CREEP
Let’s not forget that late in 2023, vessels carrying tens of thousands of containers – carrying goods estimated to be worth more than R7 billion – were stuck outside the ports with nowhere to go.
This was partly to blame for total imports dropping to R149.9 billion – a 9% year-on-year decline.
Economists say any lost revenue will be raised through ‘bracket creep’ of personal income tax in 2024/2025.