The SMME Connect newsletter (issue 2) has been released by SARS
SARS – SMME Connect Newsletter (issue 2)
The SMME Connect newsletter (Issue 2) has been published and coincides with the start of the new fiscal year. In keeping with SARS’s continued commitment to increase clarity and certainty, SARS continues to make an effort to educate, inform and encourage compliance with your tax obligations.
The Small, Medium and Micro Enterprises (SMME) Connect Newsletter includes critical information to decrease administrative burdens so that the SMMEs can focus on the “business of business”.
The topics include:
- Annual reconciliation (EMP501) season 2022 opened 1 April 2022 and closes 31 May 2022;
- Late submission of EMP501 will incur penalties;
- Submission channels for employers with less than 50 employees and those with more than 50 employees;
- Updated letter template for new Tax Directives feedback report for retirement funds;
- Employment Tax Incentive (ETI) has been extended to 28 February 2029;
- Corporate Income Tax rate change;
- Turnover tax for newly registered companies;
- Small business and customs trader leaflet available;
- International SMME Day; and
- Available tax education materials
The SMME Connect Newsletter can be accessed here.
13/05/2022