The Requirement to Submit IT3(d) All Section 18A approved entities that have issued Section 18A tax-deductible receipts to their donors from 1 March 2023 to 29 February 2024, must submit their IT3(d) S18A tax-deductible receipts third-party data to SARS before 31 May 2024. If an approved entity has not issued any S18A receipts for the …
PBOs To Submit IT3(D) Certificates By 31 May 2024 Read More »
The International Ethics Standards Board for Accountants (IESBA) has recently implemented significant updates to its Code of Ethics, particularly targeting the requirements for accountants involved in tax planning and related services. These changes are pivotal in ensuring that professionals are not only compliant with the law but are also upholding the trust placed in them …
Updated Ethical Standards For Tax Practitioners: What You Need To Know Read More »
The Companies and Intellectual Property Commission (CIPC) emphasizes the importance of compliance with the Companies Act of 2008, particularly regarding the preparation and approval of annual financial statements (AFS). Under Section 30 (1) of the Act, companies are required to prepare and approve their AFS within six months after their financial year ends. This includes …
CIPC Reminder on Annual Financial Statements Compliance Read More »
The Companies and Intellectual Property Commission (CIPC) has updated its system, resolving most issues related to customer verification. Customers are encouraged to log in again at https://eservices/cipc.co.za to verify their profiles. If problems persist, customers should email enquiries@cipc.co.za with their customer code in the subject line. Include a screenshot showing all populated fields (such as …
CIPC System Update: Resolved Verification Issues Read More »
The Companies and Intellectual Property Commission (CIPC) has implemented new procedures for updating customer codes. These changes affect both individual customers and companies. Here’s what accountants need to know to assist their clients with these updates: Individual Customer Code Update If your client’s customer code is linked to an outdated email or both email and …
CIPC Notice New Procedures for Updating CIPC Customer Codes Read More »
The Provisional Tax Return (IRP6) has been updated with a “Solar energy tax credit” field to enable provisional taxpayers to consider the tax credit in determining provisional tax payable for the second provisional period of the 2024 year of assessment. Consequently, taxpayers can now consider the solar energy tax credit when calculating the second-period provisional …
Solar Energy Tax Credit can be deducted for Provisional Tax Read More »
South Africa recorded a preliminary trade balance surplus of R14.1 billion in December 2023. This surplus was attributable to exports of R164.0 billion and imports of R149.9 billion, inclusive of trade with Botswana, Eswatini, Lesotho and Namibia (BELN). The year-to-date (01 January to 31 December 2023) preliminary trade balance surplus of R61.0 billion was a …
Media release – Trade statistics for December 2023 Read More »
The amended criteria pertain to the following:⦁ Requirements of individuals when registering as a Tax Practitioner.⦁ Requirements of Tax Practitioner Membership relating to their RCBs.⦁ Requirements of Controlling Bodies to be approved as RCBs. The amended criteria govern the processes implemented by CIBA. All tax practitioners should understand these requirements and processes to ensure compliance. …
The requirements of section 6C are explained in the draft guide under these headings: ⦁ Persons eligible for the solar energy tax credit⦁ Solar photovoltaic panel requirements: a. Solar photovoltaic panels must be “new and unused”b. Generation capacity of solar photovoltaic panelsc. Solar photovoltaic panels must be “brought into use for the first time”d. Installation …
Draft SARS guide and explanatory note for Solar Energy Tax Credit issued for comments Read More »
SARS issued draft rule amendments for comment, providing more clarity for multi-national enterprises on accounting for their transfer pricing adjustments on previous Customs declarations. These amendments are designed to ensure that transfer pricing adjustments affecting the customs value of goods are properly reported to SARS, allowing for appropriate customs duty and VAT assessments and adjustments. …
Draft rule amendments on transfer pricing adjustments Read More »
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