31 August 2022 SARS released trade statistics for July 2022 recording a preliminary trade balance surplus of R24.76 billion. These statistics include trade data with Botswana, Eswatini, Lesotho and Namibia (BELN). The year-to-date (01 January to 31 July 2022) preliminary trade balance surplus of R156.71 billion is a deterioration from the R285.13 billion trade balance …
30 August 2022 A new initiative, currently piloted by several government departments and agencies in law enforcement and prosecution, is aiming to make it more cost effective, faster, and easier to investigate and recover assets acquired through suspected unlawful activities such as corruption, fraud, tax evasion and money laundering. It is a collaborated effort to …
Media Release – New legislative tool targeting unexplained wealth to be piloted Read More »
31 August 2022 You can find a list of guides relating to customs and excise here. You can find the latest guide on VAT levied on the importation of goods into South Africa here.
31 August 2022 Customs & Excise Act, 1964: Draft Rule Amendment Form Amendment to rules relating to the SAD 502 and 505 customs declaration forms SAD 502 – Customs Declaration Form (Transit Control and transport for examination) SAD 505 – Customs Declaration Form (Bond, transit control and transport for examination) The amendments extend the purpose of the …
Amendments proposed customs declaration forms for public comment Read More »
31 August 2022 All parties responsible for submitting Third Party Data Bi-annual submissions for the period 1 March 2022 – 31 August 2022 must do so between 1 September – 31 October. What are these Third-Party Data submissions? Examples are IT3 certificates IT3(b): IT3(c) IT3(e) IT3(s) Medical scheme contributions Insurance payments Withholding tax on interest …
1 September 2022 Removal of the supplementary declaration for companies or close corporations (IT14SD) form 16 September 2022. From 16 September 2022 SARS will no longer require you to submit the Supplementary Declaration for Companies or Close Corporations (IT14SD) when identified for a verification. The requirement to submit an IT14SD when a verification case is …
Removal of the supplementary declaration – IT14SD Read More »
2 September 2022 The definitions of a complete and incomplete bicycle were provided in Part 1, Schedule No. 1 Chapter 87. Tariff subheading 87.12 notes 5 and 6 includes definition for incomplete bicycles, having the essential character of the complete bicycle. Note 6. For the purposes of Additional Note 5 an incomplete bicycle, whether assembled, …
Customs & Excise Act, 1964: Tariff Amendments Notice 2435 Read More »
2 September 2022 Tax Exempt Institutions Segment website content has been updated to make navigating through the different types of exempt categories more user friendly. Information has also been expanded to cover the rights and obligations of exempt institutions across the different tax products, including income tax, VAT and PAYE. What is Tax Exempt Institutions …
Content Update for the Tax Exempt Institutions Segment Read More »
30 August 2022 Sixty-five companies, investors, and professional accounting firms from across the world signed a joint statement to call for a stronger alignment between regulatory requirement and standard-setting efforts around sustainability disclosure. Financial market regulators are asked to avoid regulatory and standard setting fragmentation by aligning on key concepts, terminologies, and metrics on which …
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