Tax

8 September 2022 The Income Tax Act provides specifically that certain amounts expressed in a foreign currency must be translated into rand by the application of an applicable average exchange rate. Table A – A list of the average exchange rates of selected currencies for a year of assessment as from December 2003Table B – …

Legal Counsel Publications – Average Exchange Rates Read More »

9 September 2022 Notice R.2467 provides the rates and goods for which provisional payments due in relation to anti-dumping duties against the alleged dumping of new pneumatic tyres of rubber, classifiable in tariff heading 40.11, originating in or imported from the People’s Republic of China – ITAC Report No. 700. You can find Notice R.2467 …

Provisional payment in relation to anti-dumping duty (Notice R.2467) Read More »

9 September 2022 Substitution of form DA 185.4B1 Licensing Client Type 4B1 – Special Manufacturing Warehouse in the Schedule to the Rules of the Customs and Excise Act to provide for alcohol powder products (DAR238). You can read the general explanatory note R. 2470 here. You can see form DA 185.4B1 here. Need assistance Email …

Notice R.2470 Substitution of form DA 185.4B1 Licensing Client Type 4B1 Read More »

9 September 2022 The Interpretation Note provides clarity on the VAT treatment of debt collection activities undertaken by credit providers, in-house or outsourced to external debt collectors. This Note examines the VAT treatment of the prescribed amounts recovered by the debt collector from the debtor under the Debt Collectors Act, 1998. Comments can be sent …

VAT treatment of debt collection – Interpretation Note for public comment Read More »

31 August 2022 SARS released trade statistics for July 2022 recording a preliminary trade balance surplus of R24.76 billion. These statistics include trade data with Botswana, Eswatini, Lesotho and Namibia (BELN). The year-to-date (01 January to 31 July 2022) preliminary trade balance surplus of R156.71 billion is a deterioration from the R285.13 billion trade balance …

Media Release – Trade Statistics for July 2022 Read More »

30 August 2022 A new initiative, currently piloted by several government departments and agencies in law enforcement and prosecution, is aiming to make it more cost effective, faster, and easier to investigate and recover assets acquired through suspected unlawful activities such as corruption, fraud, tax evasion and money laundering. It is a collaborated effort to …

Media Release – New legislative tool targeting unexplained wealth to be piloted Read More »

31 August 2022 You can find a list of guides relating to customs and excise here. You can find the latest guide on VAT levied on the importation of goods into South Africa here.

31 August 2022 Customs & Excise Act, 1964: Draft Rule Amendment Form Amendment to rules relating to the SAD 502 and 505 customs declaration forms SAD 502 – Customs Declaration Form (Transit Control and transport for examination) SAD 505 – Customs Declaration Form (Bond, transit control and transport for examination) The amendments extend the purpose of the …

Amendments proposed customs declaration forms for public comment Read More »

31 August 2022 All parties responsible for submitting Third Party Data Bi-annual submissions for the period 1 March 2022 – 31 August 2022 must do so between 1 September – 31 October. What are these Third-Party Data submissions? Examples are IT3 certificates IT3(b): IT3(c) IT3(e) IT3(s) Medical scheme contributions Insurance payments Withholding tax on interest …

Third Party Data Bi-Annual Submissions 2023 Read More »