Practical implication on Finance Minister’s decision to reverse VAT
The Commissioner for the South African Revenue Service (SARS), Mr. Edward Kieswetter has noted the Finance Minister, Mr. Enoch Godongwana’s decision to reverse the planned 0.5% VAT rate increase, which was initially set to take effect on 1 May 2025. This decision has significant practical implications for VAT vendors and consumers. As the administrator of all national government tax measures, SARS will ensure that the necessary adjustments are made to accommodate this change.
Employer filing season 2025
The Employer Annual Declaration process is the most important step that precedes the Personal Income Tax (PIT) Filing Season, which takes place later in the year. The information gathered during the Employer Annual Declaration period, the monthly declaration in EMP201 and reconciliation in EMP501 aids SARS to issue taxpayers with accurate auto-assessed or pre-populated Income Tax Return (ITR12). Incomplete or incorrect information will make it difficult for employees to fulfil their tax obligations.
SARS signed collaboration agreements with DHA, BMA & GPW
The South African Revenue Service (SARS), together with the Department of Home Affairs (DHA), Border Management Authority (BMA), and Government Printing Works (GPW), took a giant step today to foster stronger and more integrated collaboration by signing cooperative agreement on modernisation and digitisation. A direct agreement was undertaken between SARS and DHA, which created a broad framework of collaboration between the parties.
SARS is committed to serving South Africans
By the end of March 2025, SARS had collected a record gross amount of R2.303 trillion, representing year-on-year growth of 6.9% against estimated nominal GDP growth of 5.4% (2024/2025). In this difficult economic environment, SARS paid refunds of R447.7 billion to taxpayers, the highest-ever amount in refunds (versus R413.9 billion in the prior year), representing growth of 8.2%. This brings the collected net amount to R1.855 trillion, which is almost R8.8 billion higher than the revised estimate, and R114.0 billion more than last year’s R1.741 trillion.
Trade Statistics for February 2025
South Africa recorded a preliminary trade balance surplus of R20.9 billion in February 2025. This surplus was attributable to exports of R164.0 billion and imports of R143.1 billion.
SARS accepts the Revenue Estimate Set for the 2024/25 Fiscal Year
Mr. Edward Kieswetter, the Commissioner for the South African Revenue Service (SARS), remain confident in accepting the revised revenue estimate presented by Minister of Finance, Enoch Godongwana.
Trade Statistics for January 2025
South Africa recorded a preliminary trade balance deficit of R16.4 billion in January 2025. This deficit was attributable to exports of R149.0 billion and imports of R165.4 billion.
The judgement reaffirms the constitutionality of the Tax Administration Act
The Commissioner for the South African Revenue Service (SARS), Mr Edward Kieswetter welcomed the judgement delivered on 12 February 2025 in the matter between Greyvensteyn v Commissioner for SARS and Others.
Media statement on Project Laduma
Tshwane, 7 February 2025 – On the 9 May 2024, the Pietermaritzburg division of the KZN High Court granted a preservation order to SARS in respect of the assets of the Shandi Trust. In November 2024, a separate preservation order was granted by the Durban High Court in favour of SARS over the assets of […]
More than 2 million taxpayers withdraw from their savings pot
The South African Revenue Service (SARS) wishes to announce that to date it has received 2,664 279 applications for tax directives for withdrawals from the Savings Withdrawal Benefit of the two-pot system. Of the total number of applications, 2 403 379 tax directives were approved for funds to be released. The remainder were declined for a variety of reasons, including incorrect Identity Numbers, incorrect tax numbers, amongst others.
