SARS confirms legal action

The Commissioner for South African Revenue Service (SARS) Mr Edward Kieswetter hereby confirms that SARS has instituted legal proceedings against Sasfin Bank, as disclosed in the SENS announcement issued by Sasfin Holdings Ltd on 27 February 2024.

SARS is committed to supporting fiscal consolidation though improved tax administration

The Commissioner for the South African Revenue Service (SARS), Mr Edward Kieswetter, reaffirmed the organisation’s commitment to supporting Finance Minister Mr Enoch Godongwana’s strategy for fiscal consolidation over the medium term. “A well-functioning tax administration within a growing economy is the most sustainable path towards improving the country’s fiscal integrity,” said the Commissioner. 

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).

“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.