December 14, 2022

Updated guides – Comprehensive Guide to the ITR12 Income Tax Return for Individuals

9 December 2022 Read the updated IT-AE-36-G05 – Comprehensive Guide to the ITR12 Income Tax Return for Individuals – External Guide here. The guide includes updates of 2022 Filing Season Phase 2 (letter issued for change in provisional tax status, returns for future years) and on IRP5 income for foreign services rendered. See the …

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Enhancements to the Tax Directives system

Maintain, Tax / By Eszter Rapanos

9 December 2022 The South African Revenue Service (SARS) has implemented enhancements to the Tax Directives system in line with the introduction of Par 2(2B) of the Fourth Schedule which requires that employees’ tax to be calculated and withheld at a fixed tax rate from an annuity. You can find out more about the …

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Tax Directives trade testing dates and software implementation

Tax / By Eszter Rapanos

12 December 2022 SARS will introduce enhancements to the Tax Directives process as indicated in the IBIR-006 Tax Directives Interface Specification Version 6.501. The trade testing dates are still to be confirmed and the implementation of the software is planned for implementation in April 2023. You will receive communication with regards to the exact dates …

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Binding General Ruling 62 – VAT implications of securities lending arrangements

Tax / By Eszter Rapanos

12 December 2022 The Binding General Ruling concludes that securities lending arrangements constitute “financial services” envisaged in section 2(1)(f), the supply of which is exempt under section 12(a). The scrip-lending fee due by the borrower constitutes consideration for an exempt supply, and is therefore not subject to VAT. Practice Note 5/1999 “Tax Implications for Lending …

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ISSB describes the concept of sustainability and its articulation with financial value creation

Accounting / By Eszter Rapanos

In working towards a truly global common language of sustainability-related financial disclosures, the International Sustainability Standards Board (ISSB) agreed that it would be beneficial to ground its standard-setting work by clearly articulating the relationship between sustainability matters and financial value creation. In its session on 13 December 2022, the ISSB agreed on how to describe …

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Expanding Roles of Accountants in Sustainability and Digital Transformation

Accounting / By Eszter Rapanos

12 December 2022 IFAC’s Professional Accountants in Business (PAIB) Advisory Group has compiled insights on how professional accountants are navigating uncertain global conditions and expanding their roles in both the private and public sectors in a new report. The report, Professional Accountants as Finance and Business Leaders, summarizes the key insights and learnings from the discussions amongst this global group …

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CIPC Practice note 5: changes to patent applications

Accounting / By Eszter Rapanos

9 December 2022 The Patents Division will introduce new efiling functionality on IPonline (http://iponline.cipc.co.za/) to enable the electronic submission of outstanding documentation for patent applications. A list of documents that can be electronically uploaded is included in Annexure A of Practice Note 5. From 12 December the Patent Office will issue Notices of Acceptance and …

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Updated guides – Comprehensive Guide to the ITR12 Income Tax Return for Individuals

Enhancements to the Tax Directives system

Tax Directives trade testing dates and software implementation

Binding General Ruling 62 – VAT implications of securities lending arrangements

ISSB describes the concept of sustainability and its articulation with financial value creation

Expanding Roles of Accountants in Sustainability and Digital Transformation

CIPC Practice note 5: changes to patent applications

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