The South Africa Reserve Bank (SARB) has reminded taxpayers that the due date for its Third Party Data Annual Submissions for 2023 will close at the end of this month.<\/p>\n
According to the taxman, submissions for the period between 1 March 2022 – 28 February 2023 will close on 31 May 2023.<\/p>\n
“Submissions in respect of data files and declarations of the various reportable data types are now due,” said SARS.<\/p>\n
SARS reported that by the morning of Thursday (11 May), the group had only received 35% of the expected submissions for this period.<\/p>\n
This is worrisome, given that only three weeks are left until the due date.<\/p>\n
SARS has now encouraged taxpayers to make submissions ahead of the due date to avoid last-minute challenges and potential delays that may be encountered.<\/p>\n
By South African law, third parties such as banks, medical schemes, fund managers and more are obligated to submit information or data to SARS through a tax return.<\/p>\n
“This means that a bank, for example, must provide information to SARS pertaining to the interest paid on savings in taxpayer\u2019s accounts.”<\/p>\n
“Medical Schemes are also required to send information on the total contributions made by individuals, expenses not covered by the Medical Aid as well as the number of dependants.”<\/p>\n
The tax authority provided the following list of persons (third parties) that need to send information to SARS. It includes but is not limited to:<\/p>\n