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Dear Valued NedInform Client,
Nedbank, in conjunction with the South African Revenue Service (SARS), has implemented improvements to the tax payment process over the past two years. These changes have involved opening new SARS Nedbank accounts with improved payment reference validation to ensure that all tax payments made by Nedbank clients are correctly and timeously accounted for by SARS.
As part of these improvements SARS bank account numbers are being replaced with masked “Beneficiary numbers” to reduce the potential for errors and incorrect payments.
To ensure that you will be able to continue making your payments to SARS via NedInform, we kindly request that you immediately update your SARS payment details as follows:
For Free-Format Payments:
Please capture the corresponding “Beneficiary number” (as indicated below) into the “To Account Number” field, “100000” into the “To Sort Code” field, the required amount and the relevant 19 digit SARS Payment Reference number into the “Description/User Narrative” field.
Beneficiary number
8507
8508
8509
8510
8511
8512
8513
8514
8515
8516
8517
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Tax Type
Value Added Tax (VAT)
Secondary Tax on Companies (STC)
Assessed Tax (ITA)
Pay As You Earn (PAYE)
Provisional Tax (PROV)
Retirement Fund Tax (RFT)
Skills Development Levies (SDL)
Customs & Excise (CUS)
Air Passenger Tax (APT)
Unemployment Insurance Fund (UIF)
Diesel Payments (DSL)
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For Pre-Format Payments:
Please send an instruction to our Electronic Settlement Office as per the normal amendment process to amend the details of the line numbers you are currently using for SARS payments so that it will reflect the “Beneficiary number” as the account number, and “100000” as the branch code,. Please note that you will not be charged for this amendment request up to and including 30 June 2007. Thereafter normal amendment charges will apply.
Important notes to remember when creating a payment to SARS:
- The User Narrative option must be selected
- The correct SARS payment reference must be inserted – this is the 19 digit number appearing on your tax form which comprises your tax reference number (10 digits), the tax type (1 digit), and the tax period the payment relates to (8 digits). Reference numbers containing alphabetic characters must be inserted in UPPER case.
- Due to SARS’s request for validation on the references being used for these accounts, if the incorrect reference is used Nedbank will not be able to process the payment.
- As the payments will be deposited into Nedbank accounts, a two day lead time is no longer required. Normal Nedbank cut-offs do apply.
- For easy reference please access the following link: www.nedbank.co.za
The above process is implemented with immediate effect and from 31 July 2007 will be the only process available to NedInform clients to effect SARS payments.
Kindly note that Nedbank shall not be liable for any losses arising from the non-adherence of the recommendations set out herein within the time frame prescribed, howsoever arising.
Please contact Nedbank Corporate Client Services on 0860 111 055 for further assistance.
Kind regards
Wholesale Channel Management
SARS Training Manual
NedInform Amendments
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Forex
