Avoid Interest and Penalties!
Submit your Provisional Tax Return by 31 August
provisional taxpayer must, during every period submit an estimate
of the total taxable income which will be derived in that year of
assessment. Provisional tax payments must be made by natural
persons on or before 31 August each year.
the event that the taxpayer also receives income in the form of a
salary, the PAYE deducted during the year of assessment will be
taken into account when calculating the tax payable .
taxpayers are also entitled to a foreign tax credit in respect of
foreign taxes paid on income from a non-South African source.
is important for taxpayers to ensure that they meet the
abovementioned payment deadlines to avoid unnecessary tax
liabilities in the form of interest and penalties. In this regard,
we highlight below the consequences of the late payment of
Late payment of provisional tax
- Interest at the prescribed rate on late payment;
- A penalty of 10% will be levied on any late
payment in respect of the first;
due date for the first provisional tax payment for the 2018 tax
year, being 31 August 2017 is around the corner. All provisional
taxpayers are urged to submit their tax returns correctly and on
time. Should you need assistance with submitting your provisional
tax returns, please feel free to contact our offices