Trade Statistics for December 2023
South Africa recorded a preliminary trade balance surplus of R14.1 billion in December 2023. This surplus was attributable to exports of R164.0 billion and imports of R149.9 billion, inclusive of trade with Botswana, Eswatini, Lesotho and Namibia (BELN).
Compliance focus for transfer pricing adjustments
The South African Revenue Service (SARS) has today published draft rule amendments for public comment with the view to facilitate transfer pricing adjustments.
Deadline for provisional taxpayers, including trusts, is Wednesday 24 January 2024
The deadline for individual taxpayers and trusts that are provisional taxpayers to file their income tax returns for the 2023 tax year, is Wednesday 24 January 2024. The 2023 year of assessment refers to the period between 01 March 2022 to 28 February 2023.
“Artwork” drugs seized at ORTIA
Customs officers of the South African Revenue Service seized 23 kilogrammes of narcotics disguised as moulded artwork, with an estimated street value of R37-million, at the cargo sheds of the OR Tambo International Airport this week.
Tax Statistics for the year 2023
National Treasury and the South African Revenue Service (SARS) have jointly published the 16th annual edition of the Tax Statistics. The 2023 edition provides an overview of tax-revenue collection and tax-return information for the 2019 to 2023 tax years, as well as for the 2018/19 to 2022/23 fiscal years.
Trade Statistics for November 2023
South Africa recorded a preliminary trade balance surplus of R21.0 billion in November 2023. This surplus was attributable to exports of R185.8 billion and imports of R164.8 billion.
Trade Statistics for October 2023
South Africa recorded a preliminary trade balance deficit of R12.7 billion in October 2023 attributable to exports of R170.3 billion and imports of R183.0 billion.
Collective engagement to implement the Crypto-Asset Reporting Framework
To keep pace with the rapid development and growth of the crypto-asset market and to ensure that recent gains in global tax transparency will not be gradually eroded, we welcome the new international standard on automatic exchange of information between tax authorities developed by the OECD – the Crypto-Asset Reporting Framework (CARF). The widespread, consistent and timely implementation of the CARF will further improve our ability to ensure tax compliance and clamp down on tax evasion, which reduces public revenues and increases the burden on those who pay their taxes.
SARS thanks millions of compliant taxpayers, whilst cautioning those who are non-compliant
he South African Revenue Service (SARS) thanks all non-provisional taxpayers who have fulfilled their legal obligations by filing their personal income tax (PIT) returns by the end of Filing Season. SARS also thanks taxpayers who made outstanding payments that were due.
SARS welcomes the MTBPS Revenue Announcement
The South African Revenue Service (SARS) welcomes the Medium Term Budget Policy Statement (MTBPS) tabled in Parliament today by the Minister of Finance, Mr Enoch Godongwana, which revised the 2023 February Budget net tax revenue estimate from R1 787.5 billion to R1 730.4 billion.
