To see tax rates from 2014/5, see the Archive – Tax Rates webpage. Value-added Tax ( VAT) 21 February 2024 – No changes from last year: VAT is levied at the standard rate of 15% on the supply of goods and services by registered vendors. A vendor making taxable supplies of more than R1 […]
[…] expenditure to produce foreign dividends. Income Tax: Retirement fund lump sum benefits Retirement fund lump sum withdrawal benefits consist of lump sums from a pension, pension preser vation, provident, provident preservation or retirement annuity fund on withdrawal (including assignment in terms of a divorce order). Tax on a specific retirement fund lump sum withdrawal […]
[…] or licensed customs clients to defer payment of duty for a specified period and up to a maximum amount of Customs duty and Value Added Tax ( VAT). A bond/guarantee, which will set the amount required to secure participation in this scheme, is required. No locally manufactured goods, (duties and levies) may be deferred […]
[…] The currently manual DA66 process will be automated in the last quarter of 2023 and is separate from the diesel refund system that is administered through the VAT system by way of submitting VAT 201 returns. For more information, see the letter to stakeholders. 4 April 2023 – Taxing of Vaping Tobacco products with […]
[…] in revenue and 3% have stable revenue. Only 10% are operating as usual, and this is attributed to an investment in Research and Development and /or Inno vation. Based on our “Vision 2024” to be a smart modern SARS, we do not want to bring bureaucratic burden to an already decimated economic segment. […]
[…] Recreational Club Small Business Funding Entities Home Owners Associations, Body Corporates and Share Block Companies Interpretation Note 59: Receipt or Accrual of Government Grants Value-Added Tax ( VAT) Tax exempt entities that are registered for VAT must ensure that the VAT 201 return and payment (if there is a liability) is paid by the […]
[…] by Tax Practitioners). Connect Newsletters SARS produces various newsletters in addition to the TPC. Please visit Newsletters | South African Revenue Service (sars.gov.za) for information pertinent to VAT, Government Institutions, Tax Exempt Institutions and SMMEs. Become an Authorised Economic Operator (AEO) and enjoy the benefits An Authorised Economic Operator (AEO) is a company involved […]
[…] to SARS or fail to truthfully respond to our questions. Employers sometimes deduct tax from employees and never pay it over to SARS. Vendors, whether registered for VAT or not, sometimes charge VAT and never pay it over to SARS. Entities submit fraudulent invoices in an attempt to pay less tax or obtain undue […]
[…] categories: The claiming of false deductions. Typical examples of this will be to claim as business expenses salaries paid out to non-existent employees, or to claim for VAT input tax where the goods and services were in fact not acquired The claiming of non-deductible expenses as deductible expenses. A commonly used example is the […]
[…] a mistake, the Request for Correction process allows you the ability to correct a previously submitted return/declaration for a specific period for Income Tax, Value-Added Tax ( VAT) or Pay-As-You-Earn (PAYE) provided that no verification or audit was conducted on the same tax period. See more information on how to submit a Request for […]
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