November 1, 2022

Trade Statistics for September 2022

31 October 2022 The R19.70 billion preliminary trade balance surplus for September 2022 is attributable to exports of R191.56 billion and imports of R171.86 billion. However, on a year-on-year basis, the R19.70 billion preliminary trade balance surplus for September 2022 was a deterioration from the R21.82 billion trade balance surplus recorded in September 2021. Look …

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Latest scam

31 October 2022 The latest scam is a ‘PayFast’ SMS asking unsuspecting taxpayers to click on a link to receive a payment from SARS. Please ignore and do not click on any links. For an example of the scam click here. To see all currently known scams, visit our Scams and Phishing webpage here. Read the SARS …

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Draft Interpretation Note for comment – exemption of income of ships used in international shipping

31 October 2022 The draft Interpretation Note provides guidance on the interpretation and application of section 12Q, which provides for an exemption from normal tax, capital gains tax, dividends tax and withholding tax on interest for an international shipping company meeting the requirements of the section. Section 12Q provides exemption of income in respect of …

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Draft Binding General Ruling VAT treatment of rounding difference in cash transactions

31 October 2022 This binding general ruling sets out the circumstances and conditions under which a supplier need not issue a credit note and the input tax consequences for the recipient vendor when a rounding difference occurs because of a cash transaction. Send your comments to policycomments@sars.gov.za by 2 December 2022. Read the binding general …

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New IFAC guidance on implementing the quality management system for small and medium entities

31 October 2022 IFAC released new guidance for SMEs to assist with the implementation of the new quality management system.  The IAASB’s suite of quality management standards were issued in December 2020 and come into effect on December 15, 2022. The three-part series will provide tips and guidance for practical implementation of the IAASB’s standards. …

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