PRETORIA - The South African Revenue Service on Tuesday announced that all taxpayers whose total employment income is not more than R500,000 will not pay income tax this year.
"We have decided to increase the threshold from R350,000 to an annual earnings of R500,000. And this means you are not required to submit a return if your total income for the year is not more than R500,000, Kieswetter said. Kieswetter also said that taxpayers who would be exempt from paying income tax this year include those who only receive income from a single employer, those who have no other form of income such as car allowance, business income, taxable interest, and rental income, and those that do not have any additional deductable income such as medical expenses, retirement annuity contributions and travel expenses.
The innovations also include the issuing of customised notices indicating specific documents required in the event of an audit or verification and a simulated outcome issued before a taxpayer has filed.
Source: News Formal (newsformal.com)
Seriously this is very poor reporting! Taxpayers will still pay tax in terms of the Income Tax Act & its provisions. You don’t have to submit a tax return big difference. Please don’t mislead the masses.
You guys are aware that there is a difference between paying tax and having to file a tax return? Telling people whose income is less than R 500 000 that they wont be taxed this year is the reason why people have lost faith in you.
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