Amendments to the Pension Funds Amendment Bill and the Revenue Laws Amendment Bill The two-pot retirement system is a reform that will allow retirement fund members to make partial withdrawals […]
SARS
Sole Proprietorship and Tax
A sole proprietorship is a business that is owned and operated by a natural person (individual). This is the simplest form of business entity. The sole proprietorship is not a […]
Turnover Tax – A quick test from SARS for individuals and companies
This article summarizes a test created by SARS to assist individuals and companies in determining whether they qualify for Turnover Tax registration. Sources: SARS.GOV.ZATax Guide for Micro BusinessesIncome Tax Act, […]
Standard Turnover-based Method of Apportionment – Draft Binding Ruling for comment – part 2 – Exclusions
ACT: VALUE-ADDED TAX ACT, NO. 89 OF 1991 (the VAT Act)SECTION 17(1) – APPORTIONMENT SARS published a new Draft Binding Ruling (version 3) in October 2023 for public comment due […]
Basic Principles for S18A Approved Tax Exempt Institutions
Source: SARS.GOV.ZA A Section 18A tax deductible receipt is an official document issued by a Section 18A-approved institution to a donor who makes a qualifying donation. It serves as evidence […]
Diesel Refund for Food Manufacturers – Registration
Initially scheduled for 26 September 2023, the rollout date for the Diesel Refund for Food Manufacturers Scheme (DRFMS) has been extended to 29 September 2023. The South African Revenue Services […]
High wealth individuals and SARS disclosure
SARS increases its focus on wealthy individuals and offshore holdings The South African Revenue Service (SARS) is committed to its strategic intent to develop and administer a tax and customs […]
SARS Guide for Tax Rates/Duties/Levies (Issue 16)
– August 2023 update SARS regularly updates its guides. One such recent update is their 68-page Guide for Tax Rates, Duties, and Levies (Issue 16) published in August 2023. In […]
Value-Added Tax Modernisation
SARS published a discussion paper for Value-Added Tax Modernisation in September 2023. The discussion document seeks to achieve the following: The modernisation will impact businesses that are registered or required […]
Transparency and Beneficial Ownership – Legal Entities and Legal Arrangements
Filing of Beneficial Ownership information is required by the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act 22 of 2022. The Act amended the Companies Act and gave […]