26 December 2022 The latest scam appears to be a SMS from SARS, indicating a payment to be received from SARS via Pay Fast. Please don’t click on any links and report any suspicious correspondence from SARS to phishing@sars.gov.za. You can see an example of the scam here.
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 »
The following High Court Judgments were delivered: CSARS v Matsepe (40873/20) [2022] ZAGPPHC 801 (27 October 2022): Re: Sequestration of company director’s estate at SARS’s instance – reasons for sequestration order. Read the Judgment here. CSARS v Louis Pasteur Investments (Pty) Ltd and Others (A139/21) [2022] ZAGPPHC 754 (7 October 2022): RE: Procedure and evidence: …
New High Court Judgments and Labour Court Judgements Delivered Read More »
Tax Practitioners have the right to lodge a dispute when you are not in agreement with an assessment. SARS hosted a webinar to assist Tax Practitioners to educate taxpayers about their rights and obligations relating to the dispute process. The following topics was covered: Definition of the dispute process and the types of disputes that …
SARS dispute process: The rights and Obligations of Tax Practitioners and Taxpayers Read More »
The new online Traveller Declaration System is being introduced at all South African international airports, commencing with King Shaka International Airport on 29 November 2022. What does the new system entail?The new system allows travellers, including South African citizens and residents, leaving or entering South Africa by air to complete and submit an online traveller …
The South African Traveller Declaration System pilot project launched Read More »
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