The South African Revenue Service (SARS) has launched a new transfer duty system that will enable conveyancers to access and submit declaration forms on the Internet.
The initiative is aimed at improving client service, modernising SARS processes and ensuring easy compliance with all tax laws, says SARS in a statement.
Conveyancers will be able to submit transfer duty declaration forms and effect transfer duty payments electronically once they have registered as e-filers on the SARS website.
The transfer duty declarationshave been revised and redesigned and the new declaration forms are already available on the SARS website. These forms must be used for all transactions concluded on or after 1 May 2005.
The conveyancers will need to scan copies of the deeds of sale and submit them with the declarations signed electronically on behalf of the buyer and seller.
The scanned copies would then have to be submitted electronically to a SARS office closest to where the property is situated.
This would enable SARS to authorise the issuing of transfer duty receipts or exemption certificates and provide for the extraction of such receipts or exemption certificates.
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