Deadline for tax payments on 28 March

Tuesday, March 12, 2013

Pretoria – Taxpayers with payments due to the South African Revenue Service (SARS) have until 28 March to make their payments.

SARS said on Tuesday that the deadline for tax payments for the current financial year was 28 March because this year 31 March 2013 – the end of the 2012/13 fiscal year – falls on a Sunday which is a non-working day. In addition, Friday 29 March is Easter Friday and a Public Holiday.

“Therefore all tax payments must be made by Thursday 28 March, as per the normal rule that the last working day of any month is regarded as the due date,” said SARS.

Only payments banked to SARS on the last working day - 28 March - will be reflected as paid on time.

Taxpayers utilising the payment authorisation on the eFiling system should note that “debit pull” payment instructions issued after 6pm on 28 March will not be banked on the same day and can result in penalties and interest charges for late payments.

“To eliminate uncertainty and avoid any risk of late payment SARS urges all taxpayers to make payments at commercial banks by no later than 2pm on 28 March 2013,” said SARS, adding that it was expecting significant volumes on the final day and taxpayers were urged to avoid this last-minute rush.

Almost R35 billion was collected at the same stage last year.

In the 2013 National Budget, Minister of Finance Pravin Gordhan set SARS a revised revenue collection target of R810.15 billion for the 2012/13 fiscal year.

The Minister of Finance is scheduled to announce the preliminary outcome of the revenue collection for the year on 2 April. –