Taxation Updates

The Requirement to Submit IT3(d) All Section 18A approved entities that have issued Section 18A tax-deductible receipts to their donors from 1 March 2023 to 29 February 2024, must submit their IT3(d) S18A tax-deductible receipts third-party data to...

The International Ethics Standards Board for Accountants (IESBA) has recently implemented significant updates to its Code of Ethics, particularly targeting the requirements for accountants involved in tax planning and related services. These changes are pivotal in ensuring that...

The Provisional Tax Return (IRP6) has been updated with a “Solar energy tax credit” field to enable provisional taxpayers to consider the tax credit in determining provisional tax payable for the second provisional period of the 2024 year...

South Africa recorded a preliminary trade balance surplus of R14.1 billion in December 2023. This surplus was attributable to exports of R164.0 billion and imports of R149.9 billion, inclusive of trade with Botswana, Eswatini, Lesotho and Namibia (BELN)....

The amended criteria pertain to the following:⦁ Requirements of individuals when registering as a Tax Practitioner.⦁ Requirements of Tax Practitioner Membership relating to their RCBs.⦁ Requirements of Controlling Bodies to be approved as RCBs. The amended criteria govern...

The requirements of section 6C are explained in the draft guide under these headings: ⦁ Persons eligible for the solar energy tax credit⦁ Solar photovoltaic panel requirements: a. Solar photovoltaic panels must be “new and unused”b. Generation capacity...

SARS issued draft rule amendments for comment, providing more clarity for multi-national enterprises on accounting for their transfer pricing adjustments on previous Customs declarations. These amendments are designed to ensure that transfer pricing adjustments affecting the customs value...

Custom clients who are deferment account holders are reminded regarding the 13th deferment payment requirements that become due by the end of the financial year, 28 March 2024. The statement period for this 13th payment of the 2023/2024...

There were various tariff amendments published by SARS, including the following items: Find more detail on these in the SARS Notices for the amendments here.

SARS has released the initial trade numbers for November 2023. In November, South Africa’s trade with Botswana, Eswatini, Lesotho and Namibia (BELN countries) showed a surplus of R21.0 billion. This is attributable to more exports (R185.8 billion) than...

The National Treasury and South African Revenue Service (SARS) issued the 16th annual edition of Tax Statistics on 29 December 2023 in a joint media statement. This isn’t just another set of numbers; it’s a fascinating glimpse into...

Binding Private Rulings 399-403 Private Binding Rulings (PBRs) are formal decisions issued by the South African Revenue Service (SARS) providing guidance on interpreting and applying tax laws. PBRs are legally binding on SARS, the applicant, and any co-applicants...