Home  »  Articles   »   SARS Seeks EMP 501 Returns

Articles
SARS Seeks EMP 501 Returns

May 17, 2019

South African Revenue Service

17 May 2019

Employers returns (EMP 501) for the period 1 March 2018 to 28 February 2019 must be submitted by 31 May 2019.

The South African Revenue Service (SARS) announced this in Government Gazette 42464.

The notice was issued in terms of paragraph 14(3)(a) of the Fourth Schedule to the Income Tax Act of 1962, section 8(2A) of the Unemployment Insurance Contributions Act of 2002 and section 6(2A) of the Skills Development Levies Act of 1999.

EMP 501 declarations reconcile the taxes collected from employees with the monies paid to SARS, and the total tax value of employees’ income tax certificates for the respective period.

SARS also announced that returns for 1 March to 31 August must be submitted by 31 October and 1 March to the end of February must be submitted by 31 May.

Meanwhile, in Board Notice 76, the Independent Regulatory Board for Auditors has published proposed amendments to the Code of Professional Conduct for Registered Auditors for comment.

The draft amendments focus on Proposed Revisions to Part 4B of the Code to Reflect Terms and Concepts Used in ISAE 3000 (Revised).

Comment is invited by 26 June 2019.

It must be forwarded to the International Ethics Standards Board for Accountants with a copy of the comment letter sent to the IRBA.

In a separate matter, national treasury has published the allocations per municipality and provinces for conditional grants.

Notice 673 was published in terms of Section 16(1) of the Division of Revenue Act.

The act was assented to at the beginning of May 2019.

It seeks to:

• provide for the equitable division of revenue raised nationally among the national, provincial and local spheres of government for the 2019/20 financial year, the determination of each province’s equitable share and allocations to provinces, local government and municipalities from national government’s equitable share and the responsibilities of all three spheres pursuant to such division and allocations; and
• provide for matters connected therewith.