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 […]
Taxation of Farming Operations
This first article, in a series of articles, discuss the basics of taxation of farming before delving in to more precise detail to be found in future articles. Source: SARS.GOV.ZA […]
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 […]
Standard Turnover-based Method of Apportionment – Draft Binding Ruling for comment
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 […]
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 […]