South Africa Sees Successful Tax Season

November 30, 2015 Taxation in South Africa

PRETORIA – South Africa’s push towards electronic filing of tax returns has resulted in faster processing tax returns and payment of tax refunds.

Over the weekend the South African Revenue Service (SARS) announced that at the end of the current tax season approximately 5.94 million tax returns had been filed.

Approximately 4.2 million of the returns were filed by individuals for the 2015 financial year, and approximately 1.69 million of the returns were previously unfilled returns from past tax seasons.

It was noted that the tax authority’s efforts to encourage online filing, are paying off, as now approximately 99.96 percent of taxpayers filed their returns electronically, with only 2 000 returns being filed with paper.

The move to electronic filing has greatly sped up the processing time of tax returns, with 95 percent of returns being processed within 3 minutes filing, and only 1 percent of tax returns left unprocessed after the first 24 hours.

Further, the quicker processing has increased the speed at which tax refund are paid out, with 95 percent of due tax returns being paid within 72 hour of the filing of the tax return.

Photo By: flowcomm