In a recent development, SARS has announced a rescheduling of two significant projects, which impacts both businesses and taxpayers.
1. SARS Vision 2024 Project: SARS has decided to shift the ‘Go-live’ date of the Vision 2024 Monthly Tax Certificate Project from its original date of 1 March 2025, to a new launch date of 1 March 2026.
2. Two-Pot Retirement System: Another change to take note of pertains to the Two-Pot Retirement System. The final Revenue Laws Amendment Bill, slated for National Assembly approval, confirms the National Treasury and SARS’ proposal to defer the ‘Go-live’ date of this system from its initial date of 1 March 2024, to the newly finalised date of 1 March 2025.
Please refer to our latest article regarding the Two-Pot Retirement System here.
These updates are critical, as they mean that the SARS Vision 2024 Monthly Tax Certificate Project and the Two-Pot Retirement System will not roll out simultaneously, allowing for more focused attention on each initiative. Regarding the Monthly PAYE BRS, the recently issued ‘final’ version 1.0 will soon be withdrawn. It’s worth noting that this withdrawal doesn’t signal the end of discussions on the matter. Stay tuned for further updates and details.