SARS continues to show its mettle in revenue collection
The South African Revenue Service (SARS) accepted the increased revenue collection estimate announced by Minister of Finance, Mr Enoch Godongwana. In his 2023 Budget Speech, the Minister increased the revenue estimate to R1.69 trillion, an increase of R93.7 billion from the 2022 February Budget statement.
Trade Statistics released for December 2022
SARS today releases trade statistics for December 2022 recording a preliminary trade balance surplus of R5.43 billion attributable to exports of R163.27 billion and imports of R157.83 billion.
Transfer pricing: Intra-Group Loans
The South African Revenue Service (SARS) has today released an interpretation note titled “DETERMINATION OF THE TAXABLE INCOME OF CERTAIN PERSONS FROM INTERNATIONAL TRANSACTIONS: INTRA-GROUP LOANS” which provides guidance on how SARS will determine arm’s length pricing for intra-group loans. The Note also provides guidance on the consequences for a taxpayer if the amount of debt, the cost of debt or both are not arm’s length.
Trade Statistics for November 2022
The South African Revenue Service (SARS) today releases trade statistics for November 2022 recording a preliminary trade balance surplus of R7.98 billion attributable to exports of R172.67 billion and imports of R164.69 billion.
Possible counterfeit shoes bust worth R3-million in total
Customs officers of the South African Revenue Service (SARS) have seized possible counterfeit shoes (sneakers and sandals) with an estimated value of R3-million this past weekend.
Hair extensions” found to be substance used to manufacture Mandrax
Customs officers of the South African Revenue Service (SARS) have seized a substance that is used to manufacture the drug Mandrax after inspecting a truck that was entering South Africa from Mozambique.
SARS Head of Technology wins CIO of the Year award
The South African Revenue Service (SARS) wishes to express its heartfelt congratulations to the outstanding recognition of its Head of Technology and Solutions Delivery (TSD), Mr Intikhab Shaik, for receiving the Institute of Information Technology Professionals South Africa (IITPSA) President’s Award as the Visionary Chief Information Officer of the Year.
Trade Statistics for October 2022
SARS today releases trade statistics for October 2022 recording a preliminary trade balance deficit of R4.31 billion attributable to exports of R159.61 billion and imports of R163.92 billion.
SARS permanent Voluntary Disclosure Programme
The South African Revenue Service (SARS), in terms of the Tax Administration Act No. 28 of 2011, has made provision for the Voluntary Disclosure Programme (VDP) to be permanently available to a qualifying individual, company or trust that seeks to voluntarily disclose and regularise their tax affairs.
SARS settles labour dispute and reinstates former employees
SARS is pleased to announce that it has settled the labour dispute with and reinstated two former employees, Ms Hope Mashilo and Ms Tshebeletso Seremane with effect 1 September 2022. This marks a further milestone in reversing and repairing the adverse effects of the capture of SARS and its journey to rebuilding public confidence and trust.
