Tag Archives: SARS

SARS SCAMS

Education and awareness around identity theft, phishing and other frauds have become part of life globally. If nothing else, scamsters are innovative and keep trying new avenues of defrauding businesses and individuals. In South Africa, this is no exception, and … Continue reading

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HERE’S WHO IS PAYING SOUTH AFRICA’S TAX

National Treasury and the South African Revenue Service (SARS) have published tax statistics showing that for the first time since the 2008 global financial crisis, tax revenue growth did not exceed GDP growth. Despite tough economic conditions in which real … Continue reading

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FORM REQUIREMENTS FOR OBJECTIONS

Dispute resolution with the South African Revenue Service (SARS) generally has a two-pronged approach. Firstly, taxpayers must present their case on the merits – this will include the factual basis and background that has led to the dispute. Secondly, and … Continue reading

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WHAT SOUTH AFRICANS NEED TO KNOW ABOUT TAX AND THEIR FINANCES BEFORE EMIGRATING

While South African citizens temporarily working overseas are still subject to South African tax laws, individuals who wish to permanently emigrate to a new country need to ensure that they follow the correct steps to enable them to take their … Continue reading

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ADMIN PENALTIES FOR OUTSTANDING CORPORATE INCOME TAX RETURNS

In general, all registered companies must submit corporate income tax (“CIT”) returns within 12 months of the end of the company’s financial year-end. This is applicable to all companies that are resident in South Africa, that receive source income in … Continue reading

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NON-COMPLIANT COMPANIES WILL FEEL THE PAIN FROM SARS FROM DECEMBER

The South African Revenue Service (SARS) will be using information supplied by the Companies and Intellectual Property Commission (CIPC) to determine which companies are not tax compliant and impose penalties accordingly, from 7 December 2018. ?bacho12345 123rf.com The national revenue collector … Continue reading

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VAT TRAP COULD IMPACT ON YOUR EARNINGS

It’s been nine years since the annual threshold required to register as a VAT vendor was increased from R300,000 to R1m. If you consider the effects of inflation over that period it seems clear that a growing number of businesses, … Continue reading

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ADMINISTRATIVE PENALTIES FOR CORPORATE INCOME TAX (CIT) TO BE IMPOSED

Dear Taxpayer SARS will be imposing administrative penalties from December 2018 for outstanding Corporate Income Tax (CIT) returns. Administrative penalties will be imposed on companies that receive a final demand to submit a return. In terms of Section 210 of … Continue reading

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HOW TO PREPARE AND SUBMIT YOUR VAT201 FROM 1 APRIL 2018

The Minister of Finance announced a VAT rate increase from 14% to 15% effective 1 April 2018 in the 2018 Budget Speech. To assist you in preparing your VAT return (VAT201) submission, the South African Revenue Service (SARS) would like … Continue reading

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IMPORTANT SARS DATES

There appears to be an increased focus recently by SARS in relation to tax compliance. We therefore want to highlight the below important dates again to our clients to ensure that they are always fully tax compliant. Non-compliance may lead … Continue reading

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