The number of updates made to Laws in South Africa on an annual basis is a daunting task to keep track of.
One field within which several new laws and/or amendments are passed each year is Taxation.
The South African Revenue Services regularly publishes a list of updates including legislative
amendments to laws, interpretation notes and guidelines.
All Financial Managers and Financial Directors of companies must keep themselves informed of such updates and the onus is on these persons to ensure compliance at all times. To assist in understanding and keeping track of such changes it is advisable that Professional Accounting Services be utilised.
Examples of recent updates:
• Tax Administration Laws Amendment Bill [Bill 39—2018];
• Taxation Laws Amendment Bill [Bill 38—2018];
• Rates and Monetary Amounts and Amendment of Revenue Laws Bill [B37—2018]
• Tariff Amendment Notice, scheduled for publication in the Government Gazette to the amendments to Part 1 of Schedule No. 1 to increase the rate of customs duty on wheat and wheaten flour [Notice R1134—2018]
• Draft public notice – listing the failure by a company to submit an income tax return
• Draft forms relating to stills and manufacture of excise goods for own use.
• Amendment to Part 1 of Schedule No. 1, by the substitution of tariff subheadings 1701.12, 1701.13, 1701.14, 1701.91, and 1701.99 to increase the rate of customs duty on sugar.
• Draft list of qualifying physical impairment or disability expenditure and Draft ITR-DD Form
• Confirmation of Diagnosis of Disability .
This is for the month of October 2018 only and does not include guides, interpretation notes and rulings!
One can therefore understand the importance of remaining informed as to the amendments published each month.