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 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.  

Trade Statistics for September 2023

South Africa recorded a preliminary trade balance surplus of R13.1 billion attributable to exports of R174.65 billion and imports of R161.51 billion.

SARS apologises to taxpayers

The South African Revenue Service (SARS), strives to always clarify and remind taxpayers of their obligation in law, as well as the potential consequences should they not comply. Notwithstanding the legal mandate of SARS to act against taxpayers who fail to comply, it is generally expected that we first remind, and give the taxpayers the opportunity to comply, ahead of SARS commencing legal action.

SARS welcomes veil of secrecy judgment

The Commissioner of the South African Revenue Service (SARS) has welcomed the judgment handed down this week by the KwaZulu-Natal Local Division, dealing with the insolvent estate of Jubilee Plant Hire SA CC (“Jubilee”).

SARS together with law enforcement break the coal syndicates

A massive inter-governmental search and seizure operation across five provinces was carried out today to break the back of a sophisticated criminal syndicate of alleged coal-smugglers, who played a major role in exacerbating the energy crisis and loadshedding.