Tax

SARS released e@syFile version 7.3.4 on 8 May 2023, including an updated SARS Letter template for audit letters BEPAYE06 and BEPAYE07 in the Notification Centre. You can read the latest release notes here.

SARS has recently identified a concerning trend of dubious registrations among VAT vendors. Due to escalating potential for fraud relating to VAT registrations, on 11 May 2023 SARS announced the following to be implemented with immediate effect: SARS is fully prepared to pursue criminal charges against offenders. You can read more in the media release …

SARS introduces more rigorous verification process for VAT registrations Read More »

On 5 May 2023, the Minister of Finance issued a Notice providing tax exemption for bulk payments made by the fund administrators to former members of closed retirement funds in terms of section 2D of the Second Schedule to the Act. Qualifying payments must meet all requirements specified in the notice: Note that this will …

Last chance Tax Exemption on bulk payments made to former members of closed retirement funds Read More »

The following enhancements to the current Tax Compliance Status (TCS) system were announced on 24 April 2023: The Tax Compliance Request form (TCR01) has been amended to align to the required changes. You can read the updated Guide to the Tax Compliance Status functionality on eFiling here. You can read the updated Guide on Services …

Enhancements made to the Tax Compliance Status Process and Updated TCS Request Form Read More »

On 24 April 2023 SARS released system enhancements to improve its efficiency and effectiveness in resolving tax disputes. These enhancements will also ensure that only the tax in dispute is considered for suspension of payment. The most significant system changes to be implemented include: In addition to the above various internal processes have been streamlined …

Dispute Resolution System Enhancements relating to Suspension of Payments and other features Read More »

On 26 April 2023 SARS introduced the following enhancements to the e@syFile system: You can read the updated Third Party Appointment AA88 e@syFile guide here.

Trade statistics for March 2023 released on 28 April 2023 show a preliminary trade balance surplus of R6.9 billion in March 2023. This surplus is attributable to exports of R192.2 billion and imports of R185.3 billion. The year-to-date (01 January to 31 March 2023) preliminary trade balance deficit of R6.2 billion is a deterioration from …

Trade Statistics for March 2023 released show a trace balance surplus but year-to-date deterioration Read More »

South African Police Service and the Tshwane Metro Police acting on a tip-off intercepted a truck carrying illicit cigarettes at Bronkhorstspruit on the early hours of Monday, 1 May 2023. SARS Commissioner conveyed his gratitude to the team that meticulously followed and acted on the information provided to them. The country is battling the scourge …

SARS clamps down on trade in illicit cigarettes as it displaces legitimate manufacturers Read More »

On 24 April 2023 SARS introduced an enhanced Tax Compliance Status (TCS) system to better deal with growing volumes of taxpayers requesting 3rd party verification requests, including Foreign Investment Allowance and Emigration. No TCS is required for yearly transfers up to R1 million.  SARS is of the view that taxpayers applying for more than the yearly …

Changed tax compliance status reporting for transferring funds abroad over R1million Read More »

SARSTC VAT 1518 (VAT) [2023] ZATC JHB  In the Tax Court case VAT 1518 published on 21 April 2023, the applicant (taxpayer) was seeking permission to reinstate Income Tax and VAT appeals there were initially filed but later withdrawn by the applicant, leading to the additional assessments of SARS becoming final. The respondent (SARS) opposed …

Tax Court Jurisdiction to Hear Application to Reinstate Appeal Read More »