What’s New at SARS

Legal Counsel – Secondary Legislation – Public Notices 2023

10 November 2023 – Tax Administration Act, 2011: Public Notice 4051 in Government Gazette 49646 of 10 November 2023, published in terms of section 26, amending Notice 3631 published in Government Gazette 48867 of 30 June 2023, in so far as it relates to the submission date for certain trusts as prescribed in terms of paragraph 4.2 of the aforesaid notice.

Corporate Income Tax (CIT) guide and frequently asked questions

10 November 2023 – To simplify the completion of the Income Tax Return for Companies (ITR14), the external guide pertaining to the information required when completing the ITR14 has been updated to provide additional clarity.

Additional clarification provided in the external guide is in relation to the SARS Interest (s7E) deduction and the Share Register section. Information required when completing the SARS Interest (s7E) has been expounded upon. Additionally, the shortcomings pertaining to the Share Register and the interim solution have been communicated.

Furthermore, to address anticipated queries, frequently asked questions have been published on the Corporate Income Tax and Completing an ITR14 webpages.

Media release: Collective engagement to implement the Crypto-Asset Reporting Framework

10 November 2023 – 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.

See the full media statement here.

Customs: Registration, Licensing and Designation

9 November 2023 – The facility codes used in Box 30 on the Customs Clearance Declaration (CCD) have been updated to include the details of the new approved container depot in Durban, AO – EXXELO South Africa (Pty) Ltd.

Media release: SARS thanks millions of compliant taxpayers, whilst cautioning those who are non-compliant

7 November 2023 – The South African Revenue Service (SARS) thanks all non-provisional taxpayers who have fulfilled their legal obligations by filing their personal income tax (PIT) returns by the end of Filing Season. SARS also thanks taxpayers who made outstanding payments that were due.

As in previous years, SARS is pleased at the continuous improvement in compliance levels for Individuals. We believe that most taxpayers are honest and want to do the right thing by meeting their legal obligations. In this respect, SARS had received a total of 7 million returns from non-provisional taxpayers, compared to 6 million last year.

See the full media statement here.

Legal Counsel – Preparation of Legislation – Bills

2 November 2023 – National Legislation: The Minister of Finance introduced the following bills in the National Assembly on 1 November 2023:

  • Rates and Monetary Amounts and Amendment of Revenue Laws Bill [B35—2023]
  • Taxation Laws Amendment Bill [B36—2023]
  • Tax Administration Laws Amendment Bill [B37—2023]

Media release: SARS welcomes the MTBPS Revenue Announcement

01 November 2023 – 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.

SARS has continued with its core functions of collecting all that is due to the fiscus. During the first half of the current fiscal year, we have collected gross revenue totalling R1 016.3 billion, growing by 4.5% and recording a surplus of R1.0 billion against the Budget 2023 estimate. This performance is on the back of strong gross collections from VAT, Fuel Levy and PIT- partially offset by lower gross collections from CIT as company profits remain under pressure. Without our assistance, the fiscal framework would have been under greater pressure.

See the full media statement here.

Legal Counsel Publications – Find a Guide – General

1 November 2023 – Guides

  • Taxation in South Africa 2023
  • Tax Guide for Small Businesses (2022/2023)

Legal Counsel – Interpretation and Rulings – Interpretation Notes 101–120

31 October 2023 – Income Tax Act, 1962

Legal Counsel – Interpretation and Rulings – Interpretation Notes 21–40

31 October 2023 – Income Tax Act, 1962

Legal Counsel Archive – Interpretation Notes Archive

31 October 2023 – Interpretation Notes

  • Interpretation Note 112 – Section 18A: Audit certificate
  • Interpretation Note 24 (Issue 4) – Public benefit organisations: Trading rules – Partial taxation of trading receipts

Media release: Trade Statistics for September 2023

31 October 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.

See the full media statement here – Media Release – September 2023

Visit the Trade Statistics webpage.

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