Tax tables, also known as tax brackets, are tools utilized by SARS to indicate the amount of tax due by a taxpayer based on income received. The 2021 tax year refers to the period 1 March 2020 to 28 February 2022.Ĭompanies are allowed to have a tax year ending on the same date as the last day of their financial year. The current tax year (1 March 2022 to 28 February 2022) in South Africa is called the 2022 tax year because the tax year is named by the year in which it ends. The South African tax year differs from a normal calendar year, which runs from 1 January to 31 December. SARS refers to the tax year as the year of assessment.įor individuals, a tax year covers the period 1 March to the last day of February the following year. The tax year is the accounting period of twelve months used by SARS as a basis for calculating and collecting taxes. Employment Tax Incentive Act (Act 26 of 2013).Tax Administration Act (Act 28 of 2011).Customs and Excise Act (Act 91 of 1964).SARS administers, inter alia, the following tax-related legislation: Established in terms of the South African Revenue Service Act 34 of 1997 as an autonomous agency, we are responsible for administering the South African tax system and customs service.” SARS is an acronym for the South African Revenue Service.Īccording to the website of SARS ( it describes itself as follows: “The South African Revenue Service (SARS) is the nation’s tax collecting authority.
Thus, SARS is the key institution to collect most of the government’s revenue. Taxes are the main component of the projected revenue and SARS is mandated by the South African government to collect these taxes. SARS tax tables (tax brackets) for individuals
Congruent with this tradition and common practice, the current Minister of Finance, Mr Tito Mboweni, delivered the budget speech on Wednesday, 24 February 2022 – laying out the projected revenue and expenditure of the National Treasury for the next fiscal year.Ī Quick Overview of SARS Tax Tables 2022/2022 It is tradition and common practice that the South African Minister of Finance delivers the annual budget speech in the last week of February.
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