IMPORTANT VAT 201 SUBMISSION DATE NOTIFICATION - FURTHER STATEMENT

IMPORTANT VAT 201 SUBMISSION DATE NOTIFICATION - FURTHER STATEMENT


Just received 5 Mins ago

 
Further statements have been issued by SARS indicating that the move of the required submission date for VAT201 returns to the 25th of the month is a "significant unintended change in tax law".

As a result, 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.

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

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


Kind Regards








Steven







Steven Morris Chartered Accountant (SA)



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E-mail : steven@global.co.za



Website : www.stevenmorris.co.za