R35bn withdrawn as SARS reports unprecedented two-pot system activity
Some 20% of applications for tax directives were rejected.
#EdwardKieswetter
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SARS will tighten the compliance screws to hit R1.84 trillion tax target
The MTBPS shows tax revenue will be below the Budget estimates, but SARS is adamant it will do everything in its power to collect as much money as it can.
Two-pot withdrawals: taxpayers who understate their income face penalties
SARS has processed more than 1.2 million tax directives for savings component withdrawals, paying out R21.4 billion to fund members.
R4.1 billion in withdrawals: surge in two-pot claims highlights financial planning challenges
The introduction of the two-pot retirement system has triggered a wave of withdrawal applications, prompting concerns over tax liabilities and the need for improved financial education.
Massive interest in two-pot withdrawals puts administrators to the test
As the two-pot system rolls out, fund administrators are receiving a wave of withdrawal claims, highlighting the financial squeeze many are feeling.
‘Severe consequences’ for employees involved in hacking taxpayer profiles
The Tax Ombud is investigating SARS for potential service failures in addressing eFiling hijacking, with a review under way to uncover systemic issues.
SARS pays back R10bn, but some taxpayers’ refunds are being withheld
Taxpayers should inform SARS if they have been unemployed for a full year or longer, to avoid being flagged as non-compliant.
Tax collection in 2023/24 comes in at R10bn more than expected
SARS rakes in more from personal income and VAT, but corporate tax slumps by almost 9%.
Kieswetter agrees to extended term as SARS head amid economic challenges
The commissioner says the Revenue Service has put measures in place to meet the revised estimate for revenue collection.
