November 16, 2022

10 November 2022 With effect from 1 December 2022*, administrative penalties relating to the late submission of a tax return will be charged when one or more tax return(s) relating to tax years from 2007 up to 2020 are outstanding. Prior to this change, taxpayers were only liable for administrative penalties for late submission if …

Administrative penalties for late submission of tax returns Read More »

Confirm your amended Mobile tax schedules in KwaZulu-Natal and North West provinces during November & December here.

14 November 2022 The entities referred to in section 30B(1) fall outside the scope and income tax rules for public benefit organisations (PBOs) and recreational clubs. Entities under section 30B(1) are: mutual loan associations, fidelity or indemnity funds, trade unions, chambers of commerce or industry and local publicity associations; and professional bodies. The respective entities …

New Interpretation Note 125 titled Associations: Funding Requirement Read More »

Updated interest rates charged in terms of the legislation administered by SARS are split into three main categories, namely – Table 1. interest charged on outstanding taxes, duties and levies and those payable in respect of refunds of tax on successful appeals and certain delayed refunds: Rate is updated from 9% to 9.75% effective 1 …

Updated tables of interest rates Read More »

The Practice Notes, which SARS intends withdrawing are PN 31 and PN 37. Practice Note 31 of 1994 allows the deduction of interest paid on moneys borrowed. Reasons for withdrawal of PN 31: There has been increasing abuse of the concession provided for in PN 31 where taxpayers have relied on the PN to structure …

SARS intends to withdraw practice notes on interest paid on moneys borrowed and deduction of fees paid to accountants Read More »

14 November 2022   Amounts expressed in euros are fixed annually by the parties concerned from 1 January 2023 to 31 December 2023.   Rates of exchange for Euro amount is set as 0.055438 (R18.03=1 Euro) For SACU/EFTA States – Access the information here. For SADC-EU Economic Partnership Agreement – Access the information here. For …

Trade Agreements: Calculation of national currencies 2023 Read More »

11 November 2022 SARS has welcomed the judgment of the High Court to set aside the Report of the Public Protector on the “Investigation into Allegations of Maladministration, Corruption and Procurement Irregularities and Improper Conduct by the South African Revenue Service (SARS) in Connection with the Handling of a Tender for the Provision of Bespoke …

High Court sets aside the judgement against SARS by the Public Protector Read More »