There has been an alarming increase of the theft of income tax refunds owing to taxpayers who are natural persons. It is important that individuals remain vigilant regarding their tax affairs and immediately follow-up on any SARS communications and/or bring said communication under the attention of their tax practitioners, where applicable. This will lower the risk of falling victim to this latest criminal enterprise.

Navigating the intricacies of provisional income tax in South Africa can be daunting, but understanding the basics is crucial to avoid penalties and ensure smooth sailing with SARS. Our article provides a list packed with do's and don'ts.

During November 2023 National Treasury released additional information relating to the new enhanced renewable energy tax incentive which is available to businesses in certain circumstances. The incentive takes the form of an enhanced capital allowance under the newly inserted section 12BA of the Income Act No.58 of 1962. This article briefly examines the most important features of the new allowance.

From December 2021, in terms of the published rules, importers had an obligation to notify SARS of their intention to apply to an authorised dealer for an advance foreign exchange payment in respect of goods to be imported. From 1 December 2023 (two years later) an additional step has been added by SARS.

We consider 12 of the most frequently asked questions relating to auto-assessments issued by SARS for the 2023 year of assessment, and answers to said questions.

Hear ye! Hear ye! Pay heed to these matters of importance for the 2023 tax season and latest stricter measures put in place by SARS.

SARS requires all Customs clients (i.e., those who are registered with them as Importers, Exporters, Rebate Users, Bond Store holders, and the like) to update their company and individual details on the RLA system on their e-Filing platform.

Die SAID het nuwe vereistes aangekondig t.o.v. artikel 18A sertifikate. Dit is van krag vanaf 1 Maart 2023. Indien daar nie aan die nuwe (sowel as die bestaande) vereistes voldoen word nie, kan die SAID ‘n skenking as ‘n aftrekking verbied.

Op 22 Februarie 2023 het die minister van finansies ʼn nuwe sonpaneel belastingkorting aansporingskema aangekondig wat vanaf 1 Maart 2023 geld. Die 15 belangrikste kenmerke van die voorgestelde aansporingskema word in ons artikel vervat.

In this article we include two newsworthy incidents that influence individuals: 1) An increase in contributions to Pension or Annuities will leave you with more cash in your pocket. 2) Beware, if your account is in arrears, NamRA can authorize Third Party Agents to retrieve the funds.