The South African Revenue Service has urged taxpayers to settle their tax payments as the deadline is fast approaching.
As the tax revenue financial year draws to a close this week, the South African Revenue Service SARS has labelled March a priority month for taxpayers and traders to
“It is important that taxpayers and traders perform the payment transaction during business hours to authorise their banking institutions to release the payment to SARS – a required step if the payment is made via eFiling and the MobiApp.” At the 2024 National Budget Speech, Finance Minister Enoch Godongwana said at R1.73 trillion, tax revenue for 2023/24 is R56.1 billion lower than estimated in the 2023 Budget.
Among the caveats, PWC noted import VAT had been negatively affected by challenges in transporting goods into the country amid Transnet’s woes, with it expected to decline 5.4% y-o-y.
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