Tax
SARS back to work but grim economic outlook for SA
Tax Consulting’s Jean du Toit says in a recent article that the Commissioner for SARS made a profound media statement, which gave a detailed account of projected revenue collection in light of the COVID-19 crisis, but also gave valuable insight of what we can expect from SARS in coming... Read more
Minister of Finance gives go ahead for tax deductions for companies operating in an SEZ –
 Coega amongst the six SEZs with approved preferential tax benefits  Following the promulgation of the Special Economic Zone Act in 2014 (SEZ Act of 2014) which then saw proclamation for commencement on the 9th of February 2016, the Minister of Finance, Nhlanhla Nene approved the six SEZs preferential tax... Read more
VAT panel recommends zero-rating for sanitary products
The VAT review panel has recommended that sanitary products be added to the current list of zero-rated items. The panel recommended that sanitary products, school uniforms, nappies (including cloth and adult nappies) as well as white bread, bread flour and cake flour be added to the list of Value... Read more
When does prescription start to run against SARS?
 There are periods of limitations for issuing assessments which are set out in section 99 of the Tax Administration Act 28 of 2011 (“TAA”). Generally, SARS may not make an assessment three years after the date of an original assessment, or five years in the case where there has... Read more
SARS goes paperless for 2018 tax season
The South African Revenue Service (SARS) will go paperless as of 1 July 2018 as it encourages taxpayers to use eFiling for all their tax transactions where possible. “SARS will remove drop boxes for the submission of income tax returns and other paper documents. “As of 1 July 2018,... Read more
VAT panel to submit its report next month
Finance Minister Nhlanhla Nene says the panel that has been established to review a list off zero-rated food products will submit its report next month. The Minister said this when he tabled the Treasury’s Budget Vote at the National Assembly on Tuesday. As part of measures to address a... Read more
Panel of experts on VAT calls for submissions
The Independent Panel of Experts, set up to review the current list of zero-rated Value Added Tax (VAT) items, has invited all interested stakeholders to make written submissions for their consideration. Minister of Finance Nhlanhla Nene on 25 April 2018, published the terms of reference for the panel of... Read more
Minister appoints panel to review zero-rated products
Finance Minister Nhlanhla Nene has appointed a panel that will review the current list of VAT zero-rated products. This follows on Minister Nene’s 29 March announcement to appoint an independent panel of experts — under the Davis Tax Committee — to review Value Added Tax (VAT) zero-rated items. South... Read more
SARS to apply normal tax rules to cryptocurrencies
The South African Revenue Service (SARS) will continue to apply normal income tax rules to cryptocurrencies, it said on Friday. The revenue service said it expects affected taxpayers to declare cryptocurrency gains or losses as part of their taxable income. “The onus is on taxpayers to declare all cryptocurrency-related... Read more
SARS collects R1.216 trillion in tax
The South African Revenue Service (SARS) has managed to collect R1.216 trillion in the 2017/18 financial year. Finance Minister Nhlanhla Nene made the announcement at a briefing on Tuesday morning. “SARS collected a gross amount of R1451.0 billion which was offset by refunds of R234.3 billion, resulting in net... Read more