How long does SARS take to verify banking details? It’s something that a lot of taxpayers in South Africa have been asking. SARS is responsible for collecting revenue on behalf of the Government of South Africa. Though a lot of people may not appreciate it, that’s an important role that keeps the country running. You are here because there were some changes to your banking details. Now you are wondering how long SARS is going to take to verify the new details.
When will SARS verify my banking details?
In general, SARS will verify your changed banking details within 24 hours. However, if there are issues, the time needed may be much longer. In that case, SARS will open a case, which will then be resolved within 21 days. During this time, you will be asked to provide supporting documents. In the event that your SARS tax account currently does not have money in it, your case will remain in the pending verification state. That will be the case till refund money is deposited into the account. When this happens, a case will be opened and verification will be done within 21 days.
Why confirm your SARS banking details?
That’s the answer to the question how long does SARS take to verify banking details. But why would you be asked to verify your banking details in any case?
It’s something to which we have already alluded. Perhaps you have changed your bank account. In that case, it will be important to make changes with SARS as well.
When you do that, you will be required to verify your banking details. That usually happens quickly and smoothly, as outlined above. However, in the event that there are some issues, you will have to wait longer.
SARS may also request that you confirm your banking details. You will get the request via email. That’s another circumstance in which you may be left researching the answer to the question “how long does SARS take to verify banking details.”
In this article, we answered the question relating to how long you will need to wait while SARS is verifying your banking details. It was noted that SARS is the country’s tax collecting agency. As a business or individual, you will want to ensure that your SARS details are up to do. That’s not only because it’s your legal and civic duty to do so, but also because having outdated details may delay processing of your refunds.