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Taxpayers urged to settle debts quickly

Taxpayers have been encouraged to settle their debt before the financial year ends next week.

Tax payers have been encouraged to settle their debt before the financial year ends next week. Picture: Supplied

JOHANNESBURG - The South African Revenue Service (SARS) on Wednesday urged tax payers to settle their debt before next Thursday's deadline.

SARS's Adrian Lackay said due to the number of public holidays this and next week they have little time to process the payments.

Lackay said the revenue service is expecting a last minute rush on 28 March.

SARS said it has to collect more than R800 billion by the end of March from taxpayers who have outstanding payments.

Lackay has urged people to avoid a last minute rush and make payments early to avoid penalties.

"The last day of business for the financial year is Thursday 28 March and we want to remind companies and large corporations specifically to make end of month payments timeously. Those payments must be made by 2pm on that afternoon. If they are going to use the internet for transfers they need to make sure they are made by 6pm in the evening."