Category Archives: SARS

SARS exceeds its collection target – But should we expect more tax increases?

With much fanfare, SARS announced recently that it had exceeded its 2014-2015 collection targets by R7.4 billion. The reason for the fanfare was SARS has had bad press of late – resignations of key officials, investigation of a rogue spy … Continue reading

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Implementation of UIF proposal

The Finance Minister has withdrawn the implementation of the UIF proposal, which was to reduce the threshold significantly. This is to allow more time for the consultation process. Note: The budget proposal was not law and the reduction in the … Continue reading

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SARS: Latest tax stats looking good

Generally, we are looking good in international terms: South Africa’s total tax rate is 29% versus a global tax rate of 41%. South African companies average 7 tax payments per year versus a global average of 26 payments (the rest … Continue reading

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Employer Interim Reconciliations

In the past, SARS required the Employer Reconciliation to be done every twelve months. A few years ago SARS introduced the Employer Interim Reconciliation in addition to the annual Employer Reconciliation. The Employer Interim Reconciliation has the same requirements as … Continue reading

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The validity of tax invoices – it is your responsibility

The audits of Value-Added Tax (VAT) returns by the South African Revenue Service (SARS), have increased the focus on the validity of tax invoices for the purposes of VAT. A VAT vendor submitting VAT returns is responsible for ensuring that … Continue reading

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