Eszter Rapanos

31 October 2022 The latest scam is a ‘PayFast’ SMS asking unsuspecting taxpayers to click on a link to receive a payment from SARS. Please ignore and do not click on any links. For an example of the scam click here. To see all currently known scams, visit our Scams and Phishing webpage here. Read the SARS …

Latest scam Read More »

31 October 2022 The draft Interpretation Note provides guidance on the interpretation and application of section 12Q, which provides for an exemption from normal tax, capital gains tax, dividends tax and withholding tax on interest for an international shipping company meeting the requirements of the section. Section 12Q provides exemption of income in respect of …

Draft Interpretation Note for comment – exemption of income of ships used in international shipping Read More »

31 October 2022 This binding general ruling sets out the circumstances and conditions under which a supplier need not issue a credit note and the input tax consequences for the recipient vendor when a rounding difference occurs because of a cash transaction. Send your comments to policycomments@sars.gov.za by 2 December 2022. Read the binding general …

Draft Binding General Ruling VAT treatment of rounding difference in cash transactions Read More »

27 October 2022 Millions of Rands worth of illegal or illicit goods were confiscated in several joint operations conducted through coordinated efforts within SARS over the past month. The Joint Enforcement Teams conducted a full inspection, and detained tobacco products for further investigation. You can read the full media statement here.

27 October 2022 The Manage Diesel Refunds Calculations policy has been revised to include: All criteria that a prospective claimant must meet to qualify for a diesel refund The refund calculation prescribed in Rebate Item 670.04 of Schedule 6 Information needed to complete Part C of the VAT201 Steps to follow where the implementation date of the …

Revised Manage Diesel Refunds Calculations policy Read More »

27 October 2022 The ruling deals with the tax deductibility of short terms insurance premiums paid by mining companies (class members), operating in South Africa, relating to a financial guarantee to secure compliance with their statutory environmental maintenance obligations under the National Environmental Management Act 107 of 1998 (NEMA). The ruling made in connection with …

BINDING CLASS RULING 082: DEDUCTIBILITY OF MINING REHABILITATION INSURANCE PREMIUMS Read More »

27 October 2022 This ruling considered the tax consequences of the transfer of profits for group tax purposes between controlled foreign companies (CFC) in line with section 9D(2A) and section 9D(9) of the Income Tax Act. The ruling is based on specific circumstances of the case where the CFCs established a ‘fiscal unity’ for income …

BINDING PRIVATE RULING: BPR 383 Read More »