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SARS Overview

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.

The current process
The new process
Who is affected by the change
For more information
Nominated First National Bank (FNB) bank accounts that will be closed with effect from 31 July 2007?
New beneficiary IDs that replace the nominated FNB bank account numbers?

Nedbank Ltd Reg. No 1951/000009/06. Authorised financial services and registered credit provider (NCRCP16).

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