Last year SARS expanded and enhanced its payment options to reduce the potential for errors and incorrect payments by introducing new payment channels.
The successful conversion from the previous system of nominated FNB accounts to the new Beneficiary ID system via the four major banks over the past year has enabled SARS to now close its nominated FNB accounts.
Clients are therefore advised that with effect from 31 July 2007 all electronic tax and customs payments must follow SARS’ new payment processes as outlined below. Payments made into the FNB nominated accounts will not be processed by the banks from 31 July 2007.
SARS currently permits taxpayers and traders to pay their taxes and duties electronically into:
SARS’s nominated First National Bank (FNB) bank accounts utilising the account number and the bank code. A list of these bank accounts is provided on the back this pamphlet.
Accounts at each of the four banks utilising beneficiary IDs in place of an account number and a bank code. These bank accounts were introduced in March 2006 as part of SARS’s objective of making it easier for taxpayers and traders to make the payments.
Clients utilising Nedbank electronic products to pay SARS (eg internet and PC-based applications) should use the new Beneficiary ID process with immediate effect. Refer to the back of this pamphlet for a list of beneficiary IDs as the nominated FNB accounts will be closed with effect from 31 July 2007.
This means that clients will no longer be able to deposit payments for SARS using the account numbers and bank code. All payments made using this method will be rejected by the banks.
Taxpayers and traders should contact their respective banks for more information regarding the solutions offered.