SOURCE CODE DESCRIPTIONS IRP5 code 4003

Deduction codes

In the electronic file IRP5 code 4003 is used for: Total provident fund contributions paid and ‘deemed paid’ by
employee (if applicable), excluding the value of code 4586.
· ‘Deemed paid’ by employee is the value of the taxable benefit (code 3825/3875) included in the income of the employee.
· From 2017 year of assessment, this code is applicable to current, and arrears provident fund contributions paid or deemed paid by the employee
· From 2010 to 2016 years of assessment, this code is only applicable to current, and arrears provident fund contributions paid by the employee
· Prior to the 2010 year of assessment, this code is only applicable to current provident fund contributions paid by the employee’.

The prescribed Length of IRP5 code 4003 in the electronic file is: N15

The abbreviations used within the description of the relevant codes mean:
• PAYE: Income is subject to the deduction of Employees’ Tax and will also be taxed when the income tax assessment for the employee is processed.
• IT: Income is not subject to the deduction of Employees’ Tax but will also be taxed when the income tax assessment for the employee is processed.
• Excl: Income is not subject to the deduction of Employees’ Tax and will also not be taxed when the Income Tax assessment for the employee is processed.
• Excl/PAYE: Depending on the circumstances described in the legislation, the income is either subject to both PAYE and Income Tax, or it is excluded from both PAYE and Income Tax