Tag: IRP5

The South African Revenue Service (SARS) has also announced many changes to this upcoming filing season and has already begun auto-assessing taxpayers from 1 July 2023. These changes must be clearly understood by taxpayers, so they can compliantly navigate this year’s filing season.

Gazetted in February 2022, the latest Critical Skills List added numerous skills that have been in short supply in South Africa for some time. The list was previously updated back in 2014. As world economies reopen, local enterprises can finally source expatriate talent to fill the persistent skills gaps keeping them from achieving their strategic objectives.

Most employees break out into a cold sweat when they see the PAYE amount on their payslips, not to mention that they are petrified in trying to understand these calculations. With some basic professional training with practical examples, understanding the basics of tax can easily be learnt with basic arithmetic.

You, as the taxpayer, are responsible for declaring the correct information to SARS and will face the consequences if you don’t. Ensure that your tax practitioner declares all income by providing all the correct information to him or her.