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Results of a SAIBA tax practitioner survey August 2022 During August 2022 SAIBA conducted a survey to access the impact that the SARS strike had on the businesses of tax practitioners. Results revealed that the lack of communication posed the biggest challenge. Frustrations experienced were highest due to lack of assistance from SARS staff members, …

Impact of SARS Industrial Action on Tax Practitioners Read More »

8 September 2022 Income Tax Act, 1962 – Binding Class Ruling: BCR 081 Binding Class Ruling 081 relates to Section 8E and 8EA on hybrid equity interest or third-party backed share. This ruling determines whether a participatory interest held by a class member in a collective investment scheme (CIS) in securities constitutes a “hybrid equity …

Binding Class Ruling on hybrid equity interest or third party backed share (BCR 081) Read More »

8 September 2022 New binding Rule was issued with regards to section 64D and 64G (3) on withholding of dividends tax at a reduced rate. You can find the Binding Private Ruling here.   Need assistance Email enquiries and questions to Technical@Saiba.Org.Za for further assistance.

12 August 2022 SARS issued Draft Rules and Schedule Amendment for comments: Insertion of rules under sections 64F, 75 and 120 – Drawbacks and refunds DA 63 – Application for refund – Export for trade purposes of imported duty paid goods (Refund item 522.03) DA 64 – Application for drawback/refund DA 66 – General Application for drawback/refund Draft amendment …

Customs & Excise Act, 1964: Draft rules and schedule amendments published for comment Read More »

29 July 2022 Information The National Treasury and the South African Revenue Service (SARS) published, for public comment, the following 2022 draft Bills: Rates and Monetary Amounts and Amendment of Revenue Laws Bill (2022 draft Rates Bill), first published on 25 February 2022, dealing with changes to the rates and monetary thresholds to the personal …

Draft tax bills are published for public comment Read More »

25 July 2022 Information The tax directive system currently includes a validation that rejects tax directive applications, with the ‘Emigration withdrawal’ reason where the date of accrual is on or after 1 March 2022.  The tax directive validation has been subsequently removed. When the accrual date for tax directive applications with the reason ‘Emigration withdrawal’ …

Emigration withdrawal changes Read More »