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Tax: As the deadline draws nearer

The South African Revenue Services (SARS) says 3.8 million South Africans had already submitted their tax returns by Tuesday.

"Of those, just over two million returns were completed via eFiling and over 1.8m completed electronically at a Sars branch," spokesperson Marika Muller said in a statement.

As the 2014 tax season draws nearer, there is a rush by tax payers to beat the deadline - 21 November 2014.

With the tax season rush, we are reminded of the adage: The early bird catches the worm.

Have you filed your returns? You have exactly two days left! #TaxCompliance

Find out how we can help http://goo.gl/GjHbS7

Crackdown on Tax Non Compliance!

The South African Revenue Service (SARS) is fighting Tax Non Compliance! SARS is fighting tax crime on many fronts. This is revealed in their In April 2012 Compliance Programme.

In this compliance programme, SARS announced seven priority areas they will be targeting in order to improve compliance, these are:

- Wealthy South Africans and their Trusts.
- Large Businesses and Transfer Pricing.
- Construction sector : Government Tenders.
- Illicit cigarettes.
- Clothing and textiles : Undervalued imports.
-Tax Practitioners and the need to improve their own trade compliance.
- Small business where we SARS need to reduce the cost of compliance.
http://goo.gl/GjHbS7

If you do not submit your tax return by the deadline (21 November 2014), SARS may impose a PENALTY on you. Are you willing to take that risk?

Find out how we can help http://goo.gl/GjHbS7  

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When is the 2014 Tax Season Deadline?

We all know that dreaded feeling that comes about with the beginning of Tax season. Most of us tend to put off having to fill out our tax returns until the very last opportunity we have, thereby thinking we have given ourselves some more time to deal with the feeling of complete boredom that seems to come with it, and allowing ourselves to find all the information we actually need to fill in the forms effectively.

With the tax season now coming to an end however, everyone will need to finalize all of their plans and get the work done in order to get their returns in on time without having to pay unnecessary penalty fees.

The South African Tax season as dictated by SARS has been set to start at the beginning of July 2014, and will run until January 30, depending on your Taxpayer status, the type of return you are filing, and your tax bracket or business status. If you are planning on filing via SARS’s e-Filing system, you will have until 21 November to get your return filed.

Anyone who falls under the ‘Provisional Taxpayer’ bracket, which consists of individuals who receive remuneration under a certain amount per annum, have until January 30th to file. Anyone looking to file a physical return, who is considered a regular tax payer within the regular bracket should have their return filed with SARS before Friday September 26th.

 A return of Income should be filed for companies (closed corporations, etc) within 12 months from the end of the financial year (which 2014 ended on the 28th of February. It is important to note for anyone filing a return that SARS has recently increased stringency on late returns, meaning that you will be fined more if you do not submit the return on time. Anyone who earns under R250 000 per annum and does not have any other expenses to declare also does not have to file a return, unless they want to claim for certain expenses, such as car allowances, medical aid and rental income.

What Is Carbon Tax?

 

In the early 1990s, the first tax on carbon emissions was introduced in European countries in an effort to try cut down on the damage done by greenhouse gas emissions as by-products of our industrial production. This tax, which takes different forms in countries around the world, is aimed at addressing the damage done by the use of fossil fuels, hoping to make the consumers and producers of such fuels rethink their habits and reduce overall emissions and thereby cut down on the environmental damage done over time.

While Carbon Tax laws can be quite harmful towards the least advantaged members of society and those whose earnings do not necessarily justify having to pay the same amount on a fuel tax than those of higher pay scales, many countries and legislations have attempted to offset this by using the funds gained by taxation in order to help improve the situation of the least advantaged.

A proposed Carbon Tax in South Africa was set to be rolled out in 2010, but a difficult global economic climate made its implementation difficult, and it was postponed. Now set to be rolled out in 2016 due to the increased instability of the local industries caused by unionized striking and slow economic growth. Studies have shown that South Africa is in the top 20 countries in the world when it comes to those considered most active in their efforts to decrease impact on the environment. The proposed tax in South Africa is expected to be phased in slowly, and is only one of many environmental efforts being introduced into the country, such as the biofuel production incentive and plans to increase the current vehicle emissions tax.

One of the biggest problems facing the implementation of carbon taxes worldwide is the opposition being raised by those countries and private corporations who benefit from the consumption of high amounts of carbon. The USA, China and Australia, for example, have been slow and somewhat unwilling to implement the tax since it would substantially affect their economic growth.