Tax

On 21 April 2023, National Treasury and SARS published draft legal amendments relating to the new two new renewable tax incentives announced in the 2023 Budget. 1. Solar Energy Tax Credit The proposed changes are aimed at encouraging households to invest in clean electricity generation capacity to supplement the electricity supply and reduce pressure on …

Proposed changes for renewable energy tax incentives Read More »

SARS issued the latest Government Connect providing more information and guidance relating to the following topics: Read the March 2023 Government Connect here.

Effective from 5 January 2023, Section 23(1A) of the VAT Act was amended to ease the administrative burden for a foreign supplier of electronic services and a foreign intermediary (an intermediary who is not a resident of the Republic), by introducing an exception when calculating the R1 million threshold. This exception applies where the said value of …

New Exception on VAT Registration requirements for Foreign Suppliers Read More »

Box 30 on the Customs Clearance Declaration (CCD) indicates the specific customs facility or location where the goods will be released or delivered. The facility codes used in Box 30 of the CCD in RSA are three-digit codes assigned to specific customs facilities or locations in South Africa. Facility codes are used to identify the …

Why is box 30 of the CCD important? Read More »

CSARS and Another v Richards Bay Coal Terminal (Pty) Ltd (1299/2021) [2023] ZASCA 39 (31 March 2023)   Customs and Excise Act 91 of 1964 – taxpayer not confined to the remedy of a wide appeal under s 47(9)(e) – can also review a tariff determination under the Promotion of Administrative Justice Act 3 of …

Supreme Court ruled that taxpayer Has the right to challenge a tariff determination in terms of the Customs and Excise Act 91 of 1964 (the CEA) Read More »

The Minister of Finance announced in the 2022 Budget on 23 February 2022 that excise duty on vaping tobacco products would be introduced. Nicotine and nicotine-substitute solutions in vaping products will be included in the tax net with a flat excise duty rate of R2.90/ml from 1 June 2023. The forms DA260 Excise Account for …

Excise Duty Payable on Vaping Tobacco products from 1 June 2023 Read More »

3 April 2023   Due to changes in the repo rate the rate at which interest free or low interest loans are subject to income tax was changed from 8.25% to 8.75% on 3 April 2023.   You can find Table 3 here.

March 31, 2023 Two tariff amendment notices were published, R3234 and R3235, related to the Customs and Excise Act, 1964, in Government Gazettes 48344 and 48345.  Notice R3234 brings an amendment is being made to Part 2 of Schedule No. 4, which deals with customs and excise tariffs. The amendment involves the substitution of a …

Customs tariff and rule amendment notices Read More »

31 March 2023   South Africa’s preliminary trade balance surplus for February 2023 is R16.1 billion, with R154.3 billion in exports and R138.2 billion in imports.   However, the year-to-date trade balance deficit for January and February 2023 is R6.6 billion, compared to a R17.1 billion surplus for the same period last year.   In …

Trade Statistics for February 2023 Read More »

CSARS v Grand Azania (Pty) Limited   SARS launched a liquidation application against Grand Azania in July 2021 based on section 344 of the Companies Act. This section provides that a company may be wound up if it cannot pay its debts. SARS launched a liquidation application claiming that Grand Azania owes SARS and cannot …

High Court Judgments on whether a company should be wound up, depreciation allowance, finance charges and understatement penalty Read More »