Tax

1 September 2022 Removal of the supplementary declaration for companies or close corporations (IT14SD) form 16 September 2022. From 16 September 2022 SARS will no longer require you to submit the Supplementary Declaration for Companies or Close Corporations (IT14SD) when identified for a verification. The requirement to submit an IT14SD when a verification case is …

Removal of the supplementary declaration – IT14SD Read More »

2 September 2022 The definitions of a complete and incomplete bicycle were provided in Part 1, Schedule No. 1 Chapter 87. Tariff subheading 87.12 notes 5 and 6 includes definition for incomplete bicycles, having the essential character of the complete bicycle. Note 6. For the purposes of Additional Note 5 an incomplete bicycle, whether assembled, …

Customs & Excise Act, 1964: Tariff Amendments Notice 2435 Read More »

2 September 2022 Tax Exempt Institutions Segment website content has been updated to make navigating through the different types of exempt categories more user friendly.  Information has also been expanded to cover the rights and obligations of exempt institutions across the different tax products, including income tax, VAT and PAYE. What is Tax Exempt Institutions …

Content Update for the Tax Exempt Institutions Segment Read More »

The Common Reporting Standard (CRS) was developed by the Organization for Economic Co-Operation and Development (OECD). The CRS requires Financial Institutions to report financial account information of foreign tax residents to the local Tax Authority. Such information is then automatically exchanged annually between jurisdictions where there is a treaty and a basis for such exchange …

Common Reporting Standards (CRS) Read More »

30 August 2022 SARS confirmed that from 16 September it will not require taxpayers to submit the Supplementary Declaration for Companies or Close Corporations (IT14SD) when identified for a verification. The requirement to submit an IT14SD is now replaced by a letter requesting relevant documents for verification. What does this mean? If you already submitted …

SARS confirms: No more IT14SD forms need to be submitted Read More »

25 August 2022 The following VAT guides were updated: Vat 404 Guide for Vendors – find the updated guide here. Guide for Foreign Donor Funded Projects – find the updated guide here. Need assistance Email enquiries and questions to Technical@Saiba.Org.Za for further assistance.

26 August 2022 All Customs and Excise registrants and licensees have to update their company or individual details captured on the SARS’s Customs and Excise register. SARS launched the Registration, Licensing and Accreditation (RLA) system, a new self-service automated system. After various enhancements since SARS is now able to migrate all clients, previously registered or …

Letter to trade – Updating of registration or licensing details of existing customs clients on RLA System Read More »

Miscellaneous amendments to the rules under sections 59A, 60 and 120 (DAR237) 26 August 2022 Miscellaneous amendments to the rules under sections 59A, 60 and 120 as follows: Find the amendments in Notice R.2415 here. Item 202.00 of the Schedule to the Rules is hereby amended by the substitution of the following forms: DA 185 – …

Customs & Excise Act, 1962: Rule amendment notice R2415 Read More »

23 August 2022 Find your Mobile Tax Units in your region for the next few weeks here. The page will be updated on a regular basis, be sure to check back. 

19 August 2022  The Comprehensive Guide for Trusts was updated with minor changes, which include the following: If the return is to be submitted at a SARS branch by virtual appointment. A taxpayer engagement will be initiated by appointments received through the eBooking Service. Taxpayers can use the eBooking case number to upload the required supporting …

Updated Comprehensive Guide for Trusts Read More »