Annual Tax Compliance Calendar
This calendar outlines the Company's key tax obligations, responsible parties, and deadlines for the fiscal year [Insert Fiscal Year, e.g., 01 January 2025 – 31 December 2025]. It serves as a monitoring tool for the Board.
| Month (or Period) | Tax Obligation/Type | Filing Type (e.g., EMP201, VAT201, ITR14) | Responsible Department/Person | Internal Deadline (earlier than SARS) | SARS/Statutory Deadline | Status (On Track/Submitted/Pending Review) | Notes/Supporting Docs |
| January | PAYE/SDL/UIF | EMP201 | Payroll/Finance Team | 20 January | 7 February | Proof of Payment | |
| VAT | VAT201 | Finance Team | 20 January | 25 February (manual) | Tax Invoice Reconciliation | ||
| Dividends Tax | DT01 (if applicable) | Finance Team | End of January | End of January | Dividend declaration | ||
| February | PAYE/SDL/UIF | EMP201 | Payroll/Finance Team | 20 February | 7 March | Proof of Payment | |
| March | PAYE/SDL/UIF | EMP201 | Payroll/Finance Team | 20 March | 7 April | Proof of Payment | |
| Provisional Tax | IRP6 (1st Provisional) | Finance Team | End of March | End of May | Calculation workbook | ||
| April | PAYE/SDL/UIF | EMP201 | Payroll/Finance Team | 20 April | 7 May | Proof of Payment | |
| VAT | VAT201 | Finance Team | 20 April | 25 May (manual) | Tax Invoice Reconciliation | ||
| May | PAYE/SDL/UIF | EMP201 | Payroll/Finance Team | 20 May | 7 June | Proof of Payment | |
| June | PAYE/SDL/UIF | EMP201 | Payroll/Finance Team | 20 June | 7 July | Proof of Payment | |
| July | PAYE/SDL/UIF | EMP201 | Payroll/Finance Team | 20 July | 7 August | Proof of Payment | |
| VAT | VAT201 | Finance Team | 20 July | 25 August (manual) | Tax Invoice Reconciliation | ||
| August | PAYE/SDL/UIF | EMP201 | Payroll/Finance Team | 20 August | 7 September | Proof of Payment | |
| September | PAYE/SDL/UIF | EMP201 | Payroll/Finance Team | 20 September | 7 October | Proof of Payment | |
| Provisional Tax | IRP6 (2nd Provisional) | Finance Team | End of September | End of November | Calculation workbook | ||
| October | PAYE/SDL/UIF | EMP201 | Payroll/Finance Team | 20 October | 7 November | Proof of Payment | |
| VAT | VAT201 | Finance Team | 20 October | 25 November (manual) | Tax Invoice Reconciliation | ||
| November | PAYE/SDL/UIF | EMP201 | Payroll/Finance Team | 20 November | 7 December | Proof of Payment | |
| December | PAYE/SDL/UIF | EMP201 | Payroll/Finance Team | 20 December | 7 January | Proof of Payment | |
| Annually | Annual Income Tax | ITR14 (Company Income Tax) | Finance Team/Tax Advisor | 15 October (if financial year ends Feb) | 31 January (for Feb year-ends) | Audited Financials, Tax Comp. | |
| Annual PAYE Reconciliation | EMP501 | Payroll/Finance Team | 31 May | 31 May | IRP5s, IT3(a)s | ||
| Workmen's Comp. (COIDA) | W.As.8 | HR/Finance Team | 31 March | 31 March | COIDA Assessment | ||
| Skills Dev. Levy (SDL) | Annual return (if separate) | HR/Finance Team | Annually (check specific dates) | Annually | SDL Statement | ||
| Trust Income Tax (if applicable) | IT12TR | Finance Team/Tax Advisor | Annually | Annually | Trust deeds | ||
| Customs & Excise (if applicable) | Various (specific to activity) | Import/Export Dept./Finance | Ongoing | Ongoing | Customs declarations |
Tax Compliance Monitoring and Risk Management Checklist for the Board
This checklist outlines the Board's oversight responsibilities concerning tax compliance, ensuring proactive management of tax risks.
1. Internal Controls and Processes:
- Documented Procedures: Are there clear, documented internal procedures and policies for all tax-related processes (e.g., VAT calculations, PAYE deductions, provisional tax estimations)? (Yes/No)
- Segregation of Duties: Are duties related to tax compliance adequately segregated to prevent errors or fraud (e.g., preparation vs. review, payment authorization)? (Yes/No)
- Software & Systems: Are reliable accounting and payroll software systems utilised to accurately capture and report tax-relevant data? (Yes/No)
- Training: Are personnel involved in tax compliance regularly trained on relevant tax legislation changes and internal procedures? (Yes/No)
2. Monitoring and Review:
- Regular Review of Calendar: Is the Tax Compliance Calendar regularly reviewed (e.g., monthly/quarterly) by the Finance Team and reported to the Board/Audit Committee? (Yes/No)
- Timeliness of Submissions: Is there a robust mechanism to ensure all tax submissions and payments are made accurately and on or before the statutory deadlines? (Yes/No)
- Variance Analysis: Are significant variances between estimated and actual tax liabilities investigated and explained? (Yes/No)
- Reconciliations: Are reconciliations performed for all tax accounts (e.g., VAT control account to returns, PAYE to payroll records) on a regular basis? (Yes/No)
3. Tax Planning and Risk Management:
- Tax Strategy: Does the Company have a clear tax strategy that aligns with its business objectives while remaining compliant with tax laws? (Yes/No)
- Tax Risk Assessment: Has a comprehensive tax risk assessment been conducted to identify and evaluate potential tax risks (e.g., changes in legislation, complex transactions, cross-border activities)? (Yes/No)
- Contingent Tax Liabilities: Are potential contingent tax liabilities identified, assessed, and appropriately provided for or disclosed in the financial statements? (Yes/No)
- Expert Advice: Does the Company engage qualified external tax advisors for complex tax matters, legislative updates, and specific tax planning? (Yes/No)
- SARS Engagements: Is there a clear process for managing and responding to queries, audits, or objections from the South African Revenue Service (SARS)? (Yes/No)
4. Board Oversight and Documentation:
- Regular Reporting: Does the Board receive regular (e.g., quarterly) reports on the Company's overall tax compliance status, including any non-compliance issues, penalties incurred, or significant tax risks? (Yes/No)
- Board Discussion: Has the Board had sufficient opportunity to discuss the Company's tax affairs, the effectiveness of its tax compliance framework, and any material tax exposures? (Yes/No)
- Documentation in Minutes: Are discussions and decisions related to tax compliance and strategy duly documented in the board meeting minutes? (Yes/No)
Tax Compliance Declaration
I, [Director’s Full Name], acting in my capacity as [Director's Title, e.g., Financial Director/Chief Financial Officer] and a director of [Company Name], hereby declare that:
- To the best of my knowledge and belief, having exercised due care and diligence, the Company has met all its statutory tax obligations for the fiscal year ending [Insert Fiscal Year End Date, e.g., 31 December 2024].
- This includes, but is not limited to, the accurate and timely calculation, submission, and payment of:
- Value-Added Tax (VAT)
- Pay As You Earn (PAYE), Skills Development Levy (SDL), and Unemployment Insurance Fund (UIF)
- Company Income Tax (CIT), including provisional tax payments
- Dividends Tax (DT)
- Workmen's Compensation Fund (COIDA) assessments
- Any other applicable taxes, levies, or duties imposed by South African tax laws.
- The Company's internal controls and processes for tax compliance are deemed effective and are regularly monitored.
- No material tax non-compliance issues, unrecorded tax liabilities, or significant penalties are known at the date of this declaration, save as explicitly disclosed to the Board.
This declaration is made in accordance with the Company's commitment to sound financial governance and compliance with the tax laws of South Africa.
Signed:
[Director Name & Signature]
Date: [Current Date]
