Tax

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 »

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. …

Amended criteria for registration of Tax Practitioners and the recognition of Controlling Bodies Read More »

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 »

Custom clients who are deferment account holders are reminded regarding the 13th deferment payment requirements that become due by the end of the financial year, 28 March 2024. The statement period for this 13th payment of the 2023/2024 financial year will conclude on March 27, 2024, at 00:00 (Midnight). All account holders must ensure timely …

13th deferment payment at the end of the 2023/2024 financial year Read More »

There were various tariff amendments published by SARS, including the following items: Find more detail on these in the SARS Notices for the amendments here.

SARS has released the initial trade numbers for November 2023. In November, South Africa’s trade with Botswana, Eswatini, Lesotho and Namibia (BELN countries) showed a surplus of R21.0 billion. This is attributable to more exports (R185.8 billion) than imports (R164.8 billion). However, for the entire year up to November 2023, even though there was a …

Trade Balance Surplus in November 2023: What you need to know Read More »