Tax

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 »

28 October 2022 This ruling deals with the tax consequences relating to the cession of the applicant’s loan account to a special trust. The applicant in this ruling is incapacitated. The co-applicant is a special trust that formerly served as a family trust for the benefit of the applicant, his spouse, and children. It was …

BINDING PRIVATE RULING: BPR 384 Read More »

29 October 2022 Third Party Data Returns due include the associated data files and correlating declarations [Data Types: IT3(b), IT3(c), IT3(s), MED, INS]. Submissions are not complete until declarations are submitted via eFiling that ensures your data files are reconciled via the respective Third Party Data Returns. Third Party Data Providers are urged to make …

Last day to submit annual Third Party Data Returns: 31 October 2022 Read More »

24 October 2022 Updated schedules for November and December are available at the SARS Pretoria CBD branch. You can download the latest schedule here.

18 October 2022 The guide examines: the tax consequences of holding shares as trading stock compared to holding them as capital assets; how to distinguish between profits of a capital and revenue nature using common law principles and statutory rules; the determination of a taxpayer’s liability for capital gains tax; how dividends are taxed; and …

New: 2022 Tax guide for Share owners (Issue 8) Read More »

24 October 2022 The November 2022 Mobile Tax Unit Schedules for Northern Cape and Free State are now available here.

25 October 2022 The latest scam via email is purporting to be from SARS, masking as a SARS notice with a link to a ‘court order’ – please ignore and do not click on any links. To see more on current scams visit the Scams and Phishing page here.