Tax

Topics discussed: PAYE deductions for audit committee members Tax training for government: VAT on Imported Services including Q&A SARS filing season changes 2021/2022 Auto assessments Employer interim reconciliation filing season Guides updated: PAYE-AE-06-G06 – Guide for Codes Applicable to Employees Tax Certificates 2023 – External Guide PAYE-AE-06-G07 – Guide for Validation Rules Applicable to Reconciliation …

SARS issues Government Connect Issue 6 (September 2022) Read More »

30 September 2022 The South African Revenue Service would like to invite all interested parties to a series of free tax education sessions to be held VIRTUALLY. The following sessions are offered: Employer Reconciliation: 07 October 2022, 09:00 – 11:00 and 13:00 – 15:00 PAYE Reconciliation E@syfile: 14 October 2022, 09:00 – 11:00 and 13:00 …

SARS offers Virtual Tax Education Sessions Read More »

Amended mobile tax unit schedules for October 2022 published: KZN: Kokstad and Greytown Eastern Cape: Mobile Tax Units and Pop-Ups and Mall Activation Office Free State: Colesburg; De Aar; Sterkspruit; Aliwal North Visit the SARS website for the list of all Mobile Units here. https://www.sars.gov.za/individuals/who-pays-tax/how-do-i-learn-about-taxes/ Roadshows scheduled in Gauteng – October 2022 SARS is conducting …

SARS operational news – Mobile Tax Units schedules for October and LRA Road Shows in Gauteng Read More »

3 October 2022 The latest e@syFile notes were released. The changes include: Adjustment to the Full Resubmission Request process where previously it was interrupted, and user could not proceed New EMP501 Form to allow capturing in the field for reason for Over/Understatement of Declaration Adjustment to manual capture validation to align with import and pre-submission validation Adjustment to …

Latest e@syFile Release Notes Released Read More »

The trade statistics for August 2022 released by SARS on the 30 September 2022 record a preliminary trade balance surplus of R7.18 billion attributable to exports of R175.37 billion and imports of R168.19 billion. Exports increased by 11.9% year-on-year and imports increased by 44.9% over the same period. The preliminary trade balance surplus of R 163.36 …

SARS released trade statistics for August 2022 Read More »

28 September 2022 From October 2022 an individual may be automatically registered for personal income tax if SARS detects 3rd party data that indicates economic activity. SARS will send an SMS and a letter to such an individual, officially welcoming them as a registered taxpayer. What are the next steps? Newly registered taxpayers to register …

Auto Registration for Personal Income Tax Will Be Initiated from October 2022 Read More »

During August 2022 SAIBA conducted a survey to access the impact that the SARS strike had on their businesses. Finding of the survey are now available in the document attached below. Key challenges included: Lack of communication posed the biggest challenge Highest level of frustration was experienced due to lack of assistance from SARS staff …

Results of a SAIBA tax practitioner survey August 2022 Read More »

  26 September 2022 Amendments were made to Interpretation Note 123 relating to the effect on the date of issue of a share arising from a change in the redemption features. Section 8E of the Income Tax Act, 1962 states that dividends on third-party backed shares deemed to be income in the hands of the recipients. …

Interpretation Note 123: Effect on the date of issue of a share arising from a change in the redemption features (section 8E) Read More »

26 September 2022 The South African Reserve Bank changing the “repo rate” effective 1 October 2022. Consequently, SARS amended rate at which interest-free or low interest loans are subject to income tax. The annual rate now is 7.25% until the next change in the repo rate. You can find the updated table 3 here.