30 December 2022 Trade statistics for November 2022 recording a preliminary trade balance surplus of R7.98 billion attributable to exports of R172.67 billion and imports of R164.69 billion. On a year-on-year basis, the R7.98 billion preliminary trade balance surplus for November 2022 was a deterioration from the R35.72 billion trade balance surplus recorded in November …
6 January 2023 The draft amendments in Part 1 of Schedule No. 1 to the Customs and Excise Act, Act No. 91 of 1964 (the Act), are technical in nature and will have no effect on the duty structure. The amendments are mostly due to requests received from industry or other government agencies. You can …
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 …
Updated guides – Comprehensive Guide to the ITR12 Income Tax Return for Individuals Read More »
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 …
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 …
Tax Directives trade testing dates and software implementation Read More »
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 …
Binding General Ruling 62 – VAT implications of securities lending arrangements Read More »
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 …
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 …
Expanding Roles of Accountants in Sustainability and Digital Transformation Read More »
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 …
CIPC Practice note 5: changes to patent applications Read More »
8-9 December 2022 CIBA participated in the second instalment in a series of events for the project to complete a Terrorist Financing Risk Assessment (TF SRA) for the NPO sector. The project is undertaken with the technical assistance support of the EU AML/CFT Global Facility and the Greenacre Group. The workshop included representatives from the …
Feedback from the Terrorist Financing Risk Assessment Workshop for NPOs in South Africa Read More »
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