Reminder: 2nd Provisional Tax deadline

Reminder: 2nd Provisional Tax deadline

• 23 February 2024
• Tax Update
• South African Accounting Academy

The 2024 2nd provisional return and payment of Individual taxpayers who are also provisional taxpayers, are due by no later than Thursday, 29 February 2024.

Generally, the banks have a cut-off time of noon. However, taxpayers will need to confirm with their bank regarding their specific cut-off times. 

SARS may impose a late payment penalty equal to 10% of the tax liability due if payment is not reflected in their account on 29 February 2024. In addition to the penalties, SARS will levy interest on outstanding amounts due to them.

Provisional tax remains a minefield littered with uncertainty and anxiety due to the lack of and availability of accurate information.

Relevance to Auditors, Independent Reviewers & Accountants:

• The Income Tax Act is yet another piece of legislation that your clients must comply with, and which you must assess compliance with.  Suppose they don’t comply with the relevant laws and regulations. In that case, you have certain reporting obligations in terms of NOCLAR (Non-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.

• Individual taxpayers who are also provisional taxpayers must submit their 2024 2nd provisional return and payment to SARS before the deadline.

• Tax practitioners should inform their clients of the penalties & interest that SARS will levy on late provisional tax payments.

Relevance to Your Clients:

• Individual taxpayers who are also provisional taxpayers must submit their 2024 2nd provisional return and payment to SARS before the deadline.

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