CRS Gazette_April 2017

Given the seemingly unending emphasis on financial regulation and impact on businesses, it is important that employers keep tabs on changes to tax laws – and therefore employers must be cognisant of the published Draft Taxation Laws Amendment Bill 2017 and Draft Tax Administration Laws Amendment Bill 2017. These draft Bills give effect to the tax proposals announced on Budget Day, 22 February 2017. As the vanguard of HR and HCM legislation and technology, our main concern is to make sure our customers and clients understand the implications of this revised legislation. To help, we have outlined some of the main tax proposals in the Taxation Laws Amendment Bill 2017 (TLAB), as published on SARS and National Treasury’s website for public comment, that will have...comment

Some employers may not be aware, but they are required to submit an Employer Reconciliation Declaration (EMP501) that either confirms or corrects the PAYE, SDL and UIF declarations per monthly EMP201 submitted – as well as the payments made and the tax values of the Employee Tax Certificate (IRP5/IT399(a)) and ETI, if applicable. There are two reporting periods that must be factored in – the first, an interim period (for transaction period 1 March to 31 August) and an annual period (for the full tax year 1 March to 28/29 February). The interim reconciliation was introduced in September 2010, and is intended to assist employers by enabling an easier and more accurate annual reconciliation submission, maintaining an up-to-date employee database and registering employees for income...comment