May 4, 2023

Sage Intacct product enhancements to help businesses simplify processes

On 1 March 2023, Sage, a leader in accounting and financial technology for small and mid-sized businesses (SMEs), announced a series of updates to its Sage Intacct product to help businesses simplify processes and increase efficiency. The updates include: Sage has launched two cloud-based products, Sage Intacct Planning and Sage Intelligent Time, in South Africa …

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CIPC brings a liquidation application against Selective Empowerment Investments 1 LTD

The case between CIPC (Applicant) and Selective Empowerment Investments 1 LTD, (Respondent) came to an end when the Court placed the Company under final winding up on 24 April 2023. CIPC brought a liquidation application against the Company in terms of Section 81(1) (f) of the Companies Act after numerous compliance notices, which included reckless …

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Enhancements made to the Tax Compliance Status Process and Updated TCS Request Form

The following enhancements to the current Tax Compliance Status (TCS) system were announced on 24 April 2023: The Tax Compliance Request form (TCR01) has been amended to align to the required changes. You can read the updated Guide to the Tax Compliance Status functionality on eFiling here. You can read the updated Guide on Services …

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Dispute Resolution System Enhancements relating to Suspension of Payments and other features

On 24 April 2023 SARS released system enhancements to improve its efficiency and effectiveness in resolving tax disputes. These enhancements will also ensure that only the tax in dispute is considered for suspension of payment. The most significant system changes to be implemented include: In addition to the above various internal processes have been streamlined …

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Trade Statistics for March 2023 released show a trace balance surplus but year-to-date deterioration

Trade statistics for March 2023 released on 28 April 2023 show a preliminary trade balance surplus of R6.9 billion in March 2023. This surplus is attributable to exports of R192.2 billion and imports of R185.3 billion. The year-to-date (01 January to 31 March 2023) preliminary trade balance deficit of R6.2 billion is a deterioration from …

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SARS clamps down on trade in illicit cigarettes as it displaces legitimate manufacturers

South African Police Service and the Tshwane Metro Police acting on a tip-off intercepted a truck carrying illicit cigarettes at Bronkhorstspruit on the early hours of Monday, 1 May 2023. SARS Commissioner conveyed his gratitude to the team that meticulously followed and acted on the information provided to them. The country is battling the scourge …

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Changed tax compliance status reporting for transferring funds abroad over R1million

On 24 April 2023 SARS introduced an enhanced Tax Compliance Status (TCS) system to better deal with growing volumes of taxpayers requesting 3rd party verification requests, including Foreign Investment Allowance and Emigration. No TCS is required for yearly transfers up to R1 million.  SARS is of the view that taxpayers applying for more than the yearly …

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