September 27, 2022

  26 September 2022 Amendments were made to Interpretation Note 123 relating to the effect on the date of issue of a share arising from a change in the redemption features. Section 8E of the Income Tax Act, 1962 states that dividends on third-party backed shares deemed to be income in the hands of the recipients. …

Interpretation Note 123: Effect on the date of issue of a share arising from a change in the redemption features (section 8E) Read More »

26 September 2022 The South African Reserve Bank changing the “repo rate” effective 1 October 2022. Consequently, SARS amended rate at which interest-free or low interest loans are subject to income tax. The annual rate now is 7.25% until the next change in the repo rate. You can find the updated table 3 here.

19 September 2022 The proposed amendments are technical in nature and will have no effect on the duty structure. The amendments are mostly due to requests received from industry or other government agencies. The draft amendments are proposed in Part 1 of Schedule No. 1, Schedule Nos 4 and 6 to the Customs and Excise Act …

Draft technical amendments to schedules of the Customs & Excise Act for comment Read More »

9 September 2022 SARS will introduce an automated process to request directives. The IBIR-006 Tax Directives Interface Specification document addresses the automated process for requesting directives while providing the facility to process manual requests. The relevant business rules are documented in the system specifications of the interfacing parties. The external organisations, such as insurance companies …

Testing is open for the automated process of requesting Tax Directives Read More »

22 September 2022 The latest scam is an email pretending to be from SARS, stating your Provisional Tax Return was finalised. Please don’t click on the link inside the email. Visit the alerts on the SARS website here.

20 September 2022 Tariff headings 3002.49.10 and 3002.49.20 relating to saxitoxin and ricin articles imported need to be detained for Non-Proliferation Council. The following process is prescribed: 1. The client will need to consult the Non Proliferation Secretariat’s Office via email nonproliferation@thedtic.gov.za or telephonically: 012 394 3116 or 064 880 5210 or 066 472 4749 …

Prohibited and Restricted Imports and Exports list For Saxitoxin and Ricin Read More »

22 September 2022 Several specialised divisions within the South African Revenue Services (SARS) are focusing on tax audit investigations aimed at suspect non-compliant taxpayers, actors and facilitators benefitting directly or indirectly from tax evasion and illicit financial flows stemming from wildlife crime. “The illicit hunting of rhino and trading in rhino horns constitutes a national …

SARS clamps down on the illicit rhino industry Read More »

22 September 2022 The guide discusses the tax rules applicable to farmers and highlight the direct tax consequences for persons conducting such farming operations. Comments on this guide may be e-mailed to policycomments@sars.gov.za before 25 November 2022. You can read the draft guide here.

22 September 2022 This is a general guide providing an overview of the most significant tax legislation administered SARS. It provides useful guidance on a variety of topics, for example: Registering as a taxpayer Non-resident taxpayers Income from employment, allowances, exemptions. Companies, SMEs and Micro businesses Different types of tax and many more. You can …

SARS issues new guide: Taxation in South Africa 2022 Read More »

Join the free webinar offered by SARS on Allowable Medical Expenses to assist taxpayers to comply with their tax obligations.  Details are: Date: Thursday, 29 September 2022Time: 17:00-19:00 YouTube:  https://youtu.be/YAAPPDqXb5s Access to YouTube will be open for employees to join the webinar.