Taxation Updates
Collection of Taxation news and updates
Taxation Updates
New High Court Judgments and Labour Court Judgements Delivered
The following High Court Judgments were delivered: CSARS v Matsepe (40873/20) [2022] ZAGPPHC 801 (27 October 2022): Re: Sequestration of company director’s estate at SARS’s instance – reasons for sequestration order. Read the Judgment here. CSARS v Louis...
SARS dispute process: The rights and Obligations of Tax Practitioners and Taxpayers
Tax Practitioners have the right to lodge a dispute when you are not in agreement with an assessment. SARS hosted a webinar to assist Tax Practitioners to educate taxpayers about their rights and obligations relating to the dispute...
The South African Traveller Declaration System pilot project launched
The new online Traveller Declaration System is being introduced at all South African international airports, commencing with King Shaka International Airport on 29 November 2022. What does the new system entail?The new system allows travellers, including South African...
Administrative penalties for late submission of tax returns
10 November 2022 With effect from 1 December 2022*, administrative penalties relating to the late submission of a tax return will be charged when one or more tax return(s) relating to tax years from 2007 up to 2020...
Amended Mobile Tax Unit Schedules
Confirm your amended Mobile tax schedules in KwaZulu-Natal and North West provinces during November & December here.
New Interpretation Note 125 titled Associations: Funding Requirement
14 November 2022 The entities referred to in section 30B(1) fall outside the scope and income tax rules for public benefit organisations (PBOs) and recreational clubs. Entities under section 30B(1) are: mutual loan associations, fidelity or indemnity funds,...
Updated tables of interest rates
Updated interest rates charged in terms of the legislation administered by SARS are split into three main categories, namely – Table 1. interest charged on outstanding taxes, duties and levies and those payable in respect of refunds of...
SARS intends to withdraw practice notes on interest paid on moneys borrowed
The Practice Notes, which SARS intends withdrawing are PN 31 and PN 37. Practice Note 31 of 1994 allows the deduction of interest paid on moneys borrowed. Reasons for withdrawal of PN 31: There has been increasing abuse...
Trade Agreements: Calculation of national currencies 2023
14 November 2022 Â Amounts expressed in euros are fixed annually by the parties concerned from 1 January 2023 to 31 December 2023. Â Rates of exchange for Euro amount is set as 0.055438 (R18.03=1 Euro) For SACU/EFTA...
High Court sets aside the judgement against SARS by the Public Protector
11 November 2022 SARS has welcomed the judgment of the High Court to set aside the Report of the Public Protector on the “Investigation into Allegations of Maladministration, Corruption and Procurement Irregularities and Improper Conduct by the South...
Webinar on South African Traveler Declaration
15 November 2022 SARS invites you to a webinar on the South African Traveler Declaration system. This webinar will provide more information about the new traveler declaration system. SARS Customs intends running a pilot project at King Shaka...
How can the Tax Ombud assist you?
Some taxpayers may be under the impression that the Office of the Tax Ombud (OTO) only assists taxpayers with complaints against the South African Revenue Service (SARS) if there are tax refunds at stake. The case featured in...
