While SARS’ announcement of the removal of the supplementary declaration for Corporate Income Tax (CIT) for companies or close corporations – the IT14SD form – appears to indicate less paperwork, cost and time when a company is selected for CIT verification, the reality is that it will result in greater scrutiny during the verification process. […]
Category Archives: SARS
09
Nov
Nov
The ability to collect money owed by taxpayers from third parties (banks for example) who hold money for them is just one of SARS’ wide powers when it comes to the collection of outstanding tax debts. Fortunately, because these powers are so extensive and can potentially place companies or individuals in dire financial distress, taxpayers […]
10
Jun
Jun
Taxes are an inevitable outcome of starting to earn money. So what is personal tax and who is it for? Here are some essential things to know about personal tax as well as a handy free calendar to make sure no tax dates are missed. What is personal tax? Personal tax or personal income tax […]
29
Apr
Apr
New rules have been established around the treatment of corporate assessed losses, and these are already in effect, limiting the amount of previous assessed losses that can be offset against a company’s annual income tax liability in future financial years. The change follows the reduction in the corporate tax rate from 28% to 27% and […]
29
Apr
Apr
Customarily due at the end of May each year, your EMP501 final reconciliation can be a challenge! It involves not only verifying a substantial amount of information and reconciling declarations and payments made to SARS, but also issuing tax certificates to employees. Resolving issues with the reconciliations and employee tax certificates can be time-consuming and […]
30
Mar
Mar
“Since the unemployment rate in the Republic is of concern to Government; and since Government recognises the need to share the costs of expanding job opportunities with the private sector…” (Preamble to the Employment Tax Incentive Act 26 of 2013 [ETI Act]) During Finance Minister Enoch Godongwana’s 2022 Budget Speech, a substantial 50% increase in […]
30
Mar
Mar
“Dear IRS, I am writing to you to cancel my subscription. Please remove my name from your mailing list.” (Snoopy) According to some estimates, as many as 1,900 millionaires have left South Africa over the last few years. A New World Wealth Africa report indicates that 4,200 high net-worth individuals left the country over the […]
25
Feb
Feb
Tax compliance among Small, Medium and Micro Enterprises (SMMEs) has been forced into the spotlight by The South African Revenue Service (SARS) who in January launched a new monthly newsletter dedicated to the sector. The January issue covered the matter of tax compliance and revealed a number of new initiatives by SARS to streamline services […]
25
Feb
Feb
A nightmare situation for many South African taxpayers is discovering after their year-end tax assessment that the PAYE they paid on various income streams during the year was not enough. The result is a substantial tax debt, which can often not be settled in time to prevent hefty late payment penalties and interest. To avoid […]