Source: SARS FAQs What Is a Pension?A pension is a type of retirement account that some companies offer their employees. Your employer will create and maintain a pension fund for […]
Draft guide to the Employment Tax Incentive
In March 2023 SARS issued a new draft guide to the Employment Tax Incentive. It’s a lengthy 56 pages and can be downloaded from the SARS website. The employment tax […]
Tax Directives
A tax directive indicates a certain amount that must be withheld or a certain rate that must be used to calculate the tax that must be deducted and paid over […]
Deregistration of Tax Types – part 2 of 2
This article (2 of 2) outlines the relevant procedures to be followed when a taxpayer applies for deregistration of a tax type. Please read part 1 before reading this article. […]
Understanding how SARS imposes admin penalties
The purpose of imposing administrative non-compliance penalties is to ensure: Admin Penalties for PAYE Administrative penalties will be imposed for PAYE where an employer has failed to submit an EMP501 […]
Deregistration of Tax Types – part 1 of 2
This article (1 of 2) outlines the relevant procedures to be followed when a taxpayer applies for deregistration of a tax type. One does not suddenly and simply “deregister”. Extensive […]
Customs Duty and VAT Implications on Imported Goods
Source: SARS Guide – Customs Duty Implications on Imported Goods dated 08 February 2023Reference Acts: Customs and Excise Act, 1964Value-Added Tax Act, Number 89 of 1991, as amended One of […]
Non-Executive Directors and VAT and PAYE
Relevant documents: SARS Binding General Ruling (BGR) 40SARS Binding General Ruling (BGR) 41 Binding General Ruling (BGR) 40 (issued on 10 February 2017) confirms that non-executive directors (NEDs) are not […]
Draft amendments to rules for the implementation of tobacco products related excise duties on nicotine and nicotine-substitute solutions in vaping products
Draft amendments to rules under sections 19A and 120 – for the implementation of tobacco products related excise duties on nicotine and nicotine-substitute solutions in vaping products Vaping will, down-the-line […]
Guide for employers in respect of allowances (2024 tax year)
Following the Minister of Finance’s recent Budget Speech, SARS released an updated Guide in March 2023 for allowances applicable to employers and employees. SUBSISTENCE ALLOWANCESection 8(1)(a) read together with section […]