SARS Fixed Tax Rate Implementation
FOR INFUND ANNUITANTS
As you may already be aware, SARS has implemented new legislation which makes provision for SARS to determine the effective rate of tax for individuals with more than one source of income – commonly known as the fixed tax rate. The fixed tax rates have been implemented by Alexforbes with effect from 01 April 2022.
SARS has made efforts to communicate with the affected individuals at the start of this year. Additionally, Alexforbes has also communicated with the affected pensioners by way of emails and sms’ during the months of February and March respectively, informing pensioners of the new legislation and how this impacts them. Although we have communicated with the affected pensioners and have been managing the immediate queries arising, we do anticipate that we may receive larger than normal call volumes and possibly complaints once pensioners notice the effect of this fixed tax rate to their pensions on their payslips or in their net pensions on the respective payment dates. In view of this anticipated increase in correspondence from pensioners, we have put in place additional measures in an attempt to accommodate the influx of queries/complaints as follows:
- We have assigned additional agents to support the call volumes in our pensioner contact centres.
- Rolled out standard IVR recording to further educate callers who are on hold.
- Contact centre agents have been briefed on Q&A’s to better manage the queries.
- General reception & switchboard have also been engaged and briefed to better manage the queries.
- Our back-office processing hubs have been geared for any urgent action.
- Our Complaints and Social media teams have been engaged and briefed.
The purpose of this communication is to provide you with insight regarding the steps taken by Alexforbes to manage the queries and potential increased volumes that may arise from this.
We trust that these measures will better position our response to the anticipated increased queries from pensioners, but should you have any queries in this regard, please do not hesitate to contact us.