Corporate tax – Restricting the set-off of assessed losses7 September 2022
Beneficial Ownership – Master’s Portal and CIPC capturing22 May 2023
Employer Interim Reconciliation submission 19 Septemebr to 31 October 2022
This year, the Employer Interim Reconciliation Declaration (EMP501) submission period opened on 19 September 2022 and closes on 31 October 2022. Employers are required to reconcile their Monthly Employer Declarations (EMP201) for the first six months of a Reconciliation Year (1 March 2022 to 31 August 2022). These reconciliations are based on the Monthly Employer Declarations (EMP201) submitted, with the tax values of the interim IRP5/IT3(a)s certificates generated, accurate payroll information, employees’ tax (PAYE) payments made, thereafter an Employer’s Reconciliation Declaration (EMP501) is submitted.
What is Reconciliation?
It involves an employer submitting an accurate Employer Reconciliation Declaration (EMP501), Employee Tax Certificates [IRP5/IT3(a)s] to be issued and if applicable, a Tax Certificate Cancellation Declaration (EMP601).
The three elements that must reconcile in order for your submission to be successful are the:
- Monthly Employer Declarations (EMP201s) submitted [Pay-As-You-Earn (PAYE) and/or Skills Development Levy (SDL), Unemployment Insurance Contributions (UIC) amounts due and Employment Tax Incentive (ETI), if applicable]
- Payments made (excluding penalty and interest payments)
- IRP5/IT3(a)s generated – PAYE, SDL and UIC values.
Who is it for?
Employers need to submit their reconciliation by 31 October 2022.
When and how should submissions be made?
Reconciliation declarations should be submitted twice during year of assessment, for the:
- Interim period – which is for the six month period 1 March to 31 August
- Annual period – which if for the full year 1 March to 28/29 February.