Customs and Excise – New VAT guide on importation of goods into SA
31 August 2022 You can find a list of guides relating to customs and excise here. You can find the latest guide on VAT levied on the importation of goods into South Africa here.
Amendments proposed customs declaration forms for public comment
31 August 2022 Customs & Excise Act, 1964: Draft Rule Amendment Form Amendment to rules relating to the SAD 502 and 505 customs declaration forms SAD 502 – Customs Declaration Form (Transit Control and transport for examination) SAD 505 – Customs Declaration Form (Bond, transit control and transport for examination) The amendments extend the purpose of the …
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Third Party Data Bi-Annual Submissions 2023
31 August 2022 All parties responsible for submitting Third Party Data Bi-annual submissions for the period 1 March 2022 – 31 August 2022 must do so between 1 September – 31 October. What are these Third-Party Data submissions? Examples are IT3 certificates IT3(b): IT3(c) IT3(e) IT3(s) Medical scheme contributions Insurance payments Withholding tax on interest …
Removal of the supplementary declaration – IT14SD
1 September 2022 Removal of the supplementary declaration for companies or close corporations (IT14SD) form 16 September 2022. From 16 September 2022 SARS will no longer require you to submit the Supplementary Declaration for Companies or Close Corporations (IT14SD) when identified for a verification. The requirement to submit an IT14SD when a verification case is …
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Customs & Excise Act, 1964: Tariff Amendments Notice 2435
2 September 2022 The definitions of a complete and incomplete bicycle were provided in Part 1, Schedule No. 1 Chapter 87. Tariff subheading 87.12 notes 5 and 6 includes definition for incomplete bicycles, having the essential character of the complete bicycle. Note 6. For the purposes of Additional Note 5 an incomplete bicycle, whether assembled, …
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Content Update for the Tax Exempt Institutions Segment
2 September 2022 Tax Exempt Institutions Segment website content has been updated to make navigating through the different types of exempt categories more user friendly. Information has also been expanded to cover the rights and obligations of exempt institutions across the different tax products, including income tax, VAT and PAYE. What is Tax Exempt Institutions …
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Call for stronger alignment between sustainability regulations and reporting requirements
30 August 2022 Sixty-five companies, investors, and professional accounting firms from across the world signed a joint statement to call for a stronger alignment between regulatory requirement and standard-setting efforts around sustainability disclosure. Financial market regulators are asked to avoid regulatory and standard setting fragmentation by aligning on key concepts, terminologies, and metrics on which …
Common Reporting Standards (CRS)
The Common Reporting Standard (CRS) was developed by the Organization for Economic Co-Operation and Development (OECD). The CRS requires Financial Institutions to report financial account information of foreign tax residents to the local Tax Authority. Such information is then automatically exchanged annually between jurisdictions where there is a treaty and a basis for such exchange …
SARS confirms: No more IT14SD forms need to be submitted
30 August 2022 SARS confirmed that from 16 September it will not require taxpayers to submit the Supplementary Declaration for Companies or Close Corporations (IT14SD) when identified for a verification. The requirement to submit an IT14SD is now replaced by a letter requesting relevant documents for verification. What does this mean? If you already submitted …
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The Ethical Dilemmas Case Studies series
Knowing the principles of the Code of Ethics may be an easy task, but applying it in practice is often difficult. To provide a more practical approach in understanding the Code the following case studies were developed by the UK and Ireland’s Consultative Committee of Accountancy Bodies (CCAB). There are five sets of Ethical Dilemmas …
