Constitutional court ruling on ‘conduit principle’ and capital gains liability in multiple tiered Trust structure
The Commissioner for the South African Revenue Service (SARS) welcomed the Constitutional Court judgement handed down on 02 October 2024 by the Constitutional Court on the matter of The Thistle Trust v Commissioner of SARS. The matter concerned the applicability of the ‘conduit principle’ to capital gains when distributed in a multiple-tiered Trust structure in the same tax year. The Constitutional Court ruled in favour of SARS’ application of the statutes to the tax liability of the taxpayer, Thistle Trust.
TV Producer and Co-accused appear in court for Tax Fraud
Joint media statement: Investigating Directorate against corruption (IDAC) and the South African Revenue Service (SARS). A well-known television producer and businessman, Dumakude Mayivuke Ndlovu together with two of his co-accused, Rodney Mutsharini, a registered tax practitioner who assisted Ndlovu with his Personal Income Tax (PIT) and Maxwell Mloyi, who is an unregistered tax practitioner but assisted Ndlovu with his Company Income Tax (CIT), appeared before the Palm Ridge Specialised Commercial Crime Court on 18 charges of tax fraud relating to Ndlovu’s personal and company income tax valued at approximately R26 million.
Trade Statistics for August 2024
South Africa recorded a preliminary trade balance surplus of R5.6 billion in August 2024 attributable to exports of R165.6 billion and imports of R159.9 billion.
The Passing of Former Minister Pravin Gordhan, a Fearless Ambassador for Public Service
Today is a day of profound sadness with the passing of the beloved Former Minister Pravin Gordhan, affectionately known as “PG” to many of us, a remarkable steward leader whose contributions to the South African Revenue Service (SARS) and our nation will be remembered for generations to come.
Preliminary amount of R4.1bn applied for in two pot system
The South African Revenue Service (SARS) has received a total 161,607 tax directive applications.
Trade Statistics for July 2024
South Africa recorded a preliminary trade balance surplus of R17.6 billion in July 2024 attributable to exports of R175.0 billion and imports of R157.4 billion.
Media Statement on Profile Hijacking
29 August 2024- The South African Revenue Service (SARS) notes with concern the article carried by the Sunday Times (25 August 2024) regarding the hijacking of taxpayers’ profiles. Under normal circumstances, SARS is prohibited by Chapter 6 of the Tax Administration Act 28 of 2011 from divulging confidential taxpayer information. However, since the taxpayer has […]
Tax Implications of Withdrawing from Two-Pot Retirement System
Persons who intend to withdraw from the savings pot of the Two-Pot Retirement System from 1 September 2024 must be registered for tax. Those who are not registered must register before they apply to their relevant fund. If a person is not registered for tax, the request for a tax directive sent from the fund to SARS will be rejected.
Changes to Customs import system
The South African Revenue Service (SARS) remains committed to providing clarity and certainty in the implementation of its mandate of promoting legitimate trade for the economic development of the country in an era of rapidly expanding e-Commerce. This will be achieved by making it simple and easy to facilitate an increased movement of goods.
Trade Statistics for June 2024
South Africa recorded a preliminary trade balance surplus of R24.2 billion in June 2024. This surplus was attributable to exports of R172.0 billion and imports of R147.7 billion, inclusive of trade with Botswana, Eswatini, Lesotho and Namibia (BELN).
