Due date for income tax returns extended
03 Dec 2021
The due date for income tax returns has been extended.
The extension applies to returns submitted electronically through the assistance of a SARS official at an office of SARS or manually and via the SARS eFiling platform.
Returns must now be submitted by 2 December 2021.
Meanwhile, in Gazette 45540, SARS listed the incidences of non-compliance subject to a fixed amount penalty in accordance with section 210(1) and 211 of the act.
The incidences include a failure to submit a return with effect from 1 January 2022 where a person has two or more outstanding income tax returns for years of assessment commencing on or after 1 March 2006 but ending on or before 29 February 2020 or one or more outstanding income tax returns for years of assessment commencing on or after 1 March 2020 and a failure to submit an income tax return for years of assessment commencing on or after 1 March 2006, where that person has, with effect from 1 December 2022, one or more outstanding income tax returns.
The notice applies from 1 January 2022.
In a separate matter, the Reserve Bank (SARB) has released a consultation paper on reforming South Africa’s Monetary Policy Implementation Framework (MPIF) for comment.
SARB indicated that a MPIF provides the practical mechanisms for implementing the decisions of the Monetary Policy Committee (MPC).
“The MPIF takes the MPC’s decisions as given and seeks to operationalise them as efficiently as possible.”
The SARB is proposing to replace the shortage system with a tiered floor.
“In this framework, rather than creating a shortage, the SARB would allow an excess supply of bank reserves and then manage this additional liquidity by paying interest on reserves, at the repo rate.”
See also:(This article is provided for informational purposes only and not for the purpose of providing legal advice. For more information on the topic, please contact the author/s or the relevant provider.)