FAQ: What are the changes on the Recognition of Transfer (ROT)?
These are the changes: Reason: Provident Fund Deemed Retirement cannot be used if the date of accrual is on or after 1 March 2023 The current validations age 55; if reason is “retirement” will be removed.
FAQ: When will Recognition of Transfer (ROT) be withdrawn?
SARS will issue final reminder to the taxpayer to submit ROT, failure to submit after 21 working days will lead SARS to treat the transfer as a withdrawal.
FAQ: If my policy is R500 000, can I transfer R371 250 in terms of de-minimis rule?
No, you can only transfer if the remaining balance in your policy exceeds R371 250.
FAQ: Is there any restriction when transferring the total interest to another retirement annuity fund?
When transferring the total interest to another approved fund there will not be any restrictions provided the de-minimis rule (R371 250 threshold) condition is met.
FAQ: What is the purpose of the new legislation?
To provide Retirement Annuity Fund members an opportunity to transfer their portion or total interest of their retirement annuity fund to another retirement annuity fund.
FAQ: Is the tax applicable to disposable vapes?
The excise duties are applicable to the contents and not the equipment. Therefore, the vaping solution or substitute thereof inside the disposable vape will be subject to the tax.
FAQ: Are products that do not contain nicotine liable for this tax?
Zero nicotine/ nicotine substitute vaping solutions are liable for vaping tax at the same rate as nicotine containing vaping solutions. If in doubt about your products kindly apply for a tariff determination. For more information on making application please visit the Tariff webpage by following the link: https://www.sars.gov.za/customs-and-excise/tariff/.
FAQ: Who will impose penalties for late licensing applications?
SARS Customs and Excise
FAQ: Is the vaping product under TISA regulation or is it regulated by another body?
There are various industry/representing bodies/associations that role players in the vaping sector/industry can have membership of. Vaping products are not regulated by these bodies/associations but will be regulated by the Department of Health by means of the Tobacco Products and Electronic Delivery Systems Control Bill that is currently before Parliament.
FAQ: How many companies/people will be liable to register nationally?
SARS does not place a limitation on the number of entities than can be licenced or registered. All manufacturers of vaping solutions must licence. All importers of vaping solutions must register.
