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“Tax Freedom Day” is a concept telling us taxpayers just how long we have to work every year to pay the Taxman his share before we start earning for ourselves.
Normally our “Freedom Day” gets later and later every year in line with the general trend towards more and more taxation, but 2020 as it turns out has been an exception. In fact this year it arrived signifcantly earlier than it did in 2019.
Why is this, and why is it bad news for us all? We discuss the answers to those questions in the context of the pandemic, the lockdown and the resulting economic crisis, with some (as you’d expect, rather gloomy) pointers to the future trajectory of our embattled economy.
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When SARS have requested documentation from taxpayers who do not use eFiling, the taxpayers have had to take these documents into a SARS Branch. Now SARS have launched on online form that taxpayers can complete and upload with the documentation requested by SARS.
The online form can take ten documents which need to be 5MB or less in size.
The process is very simple, and taxpayers merely need to follow the instructions set out.
As a trip to SARS can take a full morning, this is a time saver for taxpayers and is safer as taxpayers are less at risk of catching COVID-19.
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- 5 June – Monthly PAYE submissions and payments
- 25 June – VAT manual submissions and payments
- 28 June – Excise Duty payments
- 30 June – VAT electronic submissions and payments
- 30 June – CIT Provisional Tax Payments where applicable.
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