New accord further cements collaboration between SAPS/ DPCI and SARS
Enhanced cooperation and collaboration between SAPS/ DPCI (Hawks) and SARS is being bolstered with the signing of a new memorandum of understanding that promotes the exchange of information, joint initiatives and more effective operational arrangements in line with Financial Action Task Force (FATF) requirements.
SARS Customs and SAPS seize 378 kg of cocaine
Customs officers of the South African Revenue Service (SARS) and the South African Police Service carried out an early morning raid today on a container ship at the Durban harbour and found 300kg of cocaine in one of the containers on board the ship.
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.
