February 20, 2023

10 February 2023 A survey will be distributed to a selected group of traders. On the Current Surveys, SMSs and emails webpage you can find an extract of the cover letter for confirmation that it’s legit and not a scam. The survey will run from 13 – 28 February 2023. Visit the Current Surveys, SMSs and emails …

SARS Survey issued on Trade Facilitation Indicators Read More »

9 February 2023 The list of approved venture capital companies has been updated with the following changes: To find out more about what are venture capital companies and how to apply visit the SARS website here. You can access the list of approved venture capital companies here.

9 February 2023 Case of Lance Dickson Construction CC v CSARS Relevant Act(s): Tax Administration Act, 2011 Understatement penalty: Whether the Tax Court, having found that SARS had failed to establish that the taxpayer’s understatement of its taxable income resulted from a failure to take reasonable care completing its return, was nonetheless entitled to impose …

WC High Court judgment on penalties charged by SARS Read More »

8 February 2023   CSARS V Coronation Investment Management SA (Pty) Ltd Relevant Acts: Income Tax Act, 1962, and Tax Administration Act, 2011 The judgment deals with section 9D exemptions – whether a ‘controlled foreign company’ is a ‘foreign business establishment’ as defined – Tax Administration Act 28 of 2011 and the respective issue of …

Supreme Court of Appeal Judgment – Controlled Foreign Company and section 9D exemptions Read More »

8 February 2023 The list of the facility codes used in Box 30 on the Customs Clearance Declaration (CCD) has been updated to include the details of the new approved Container Depot in Durban, Afro Persian Shipping (Pty) Ltd. Information and background Durban is one of the busiest ports in Africa, and there are several …

Updated Facility Codes for Customs – Registration, Licensing and Designation Read More »

8 February 2023 This guide will assist you in determining your customs duty implications on imported dutiable goods. It excludes “excisable goods” specified in Part 2 of Schedule 1 imported into or manufactured in South Africa and goods imported through the post and by travelers. Remember: SARS guides do not go into comprehensive technical and …

New Guide on Customs Duty Implication on Imported Goods Read More »

10 February 2023 SARS updated the Clarification document for AEOI (FATCA) Reporting TIN Codes. The purpose of this document is to clarify the application of the supplied codes for the Taxpayer Identification Number (TIN) data fields for FATCA submissions. This version 3 was updated to align with the IRS Notice 2023-11. You can read the updated …

Updated guide on Automatic Exchange of Information (AEOI) Read More »