AI and the impact on taxpayers and tax practitioners
ASL is committed to helping you remain compliant in an evolving tax landscape where the South African Revenue Service (SARS) is increasingly relying on artificial intelligence (AI) to strengthen tax administration. SARS has set its sights on recovering more than R513 billion in unpaid taxes, particularly in VAT and PAYE, and AI is central to […]
Annual returns: Recent changes and how it affects your company
In South Africa, companies registered with the Companies and Intellectual Property Commission (“CIPC”) are required by law to submit annual returns. This obligation ensures that the CIPC maintains up-to-date records on the status and operations of all companies operating within the country. Failure to comply with this requirement can result in severe consequences, including deregistration. […]
RLA compliance for importers and exporters: Urgent action required to avoid disruptions
First introduced by SARS in 2020, the Registration, Licensing and Accreditation (RLA) platform provides a digital facility for Customs and Excise clients to register, license, and manage their profiles. The system has since undergone several enhancements and now serves as SARS’s central platform for all Customs client registrations and updates. In accordance with the Customs […]
Fringe Benefits
Fringe benefits are a common and often valuable component of employee compensation packages in South Africa. These non-cash perks – such as interest-free loans, long service awards and the right of use of a motor vehicle – can significantly increase an employee’s total remuneration. However, the tax treatment of fringe benefits is frequently misunderstood or […]
IT3(t) declarations: What you need to know
The South African Revenue Service (SARS) has introduced the new IT3(t) submission requirements as part of its ongoing efforts to enhance transparency and improve tax compliance, particularly within the trust environment. These requirements are designed to address gaps in the reporting of certain financial information, especially those related to distributions to beneficiaries. What is IT3(t) […]
2023 Tax season deadlines and auto-assessment processes
2023 Tax season deadlines The 2023 filing season for individual taxpayers and trusts opened on 7 July 2023. The criteria and submission deadlines are indicated below: Non-provisional taxpayers and trusts not liable for provisional tax payments 7 July 2023 to 23 October 2023 Provisional taxpayers including trusts who are liable for provisional tax payments 7 […]
Updated process on new VAT registrations
Effective from 11 May 2023, SARS has implemented more stringent VAT registration procedures due to a significant increase in suspicious VAT registration applications. The South African Revenue Service (SARS) noted that a large number of suspicious registrations by VAT vendors were submitted during the month of April 2023 which therefore required an urgent review of […]
Corporate Income Tax: Verification of Income Tax returns
Effective from 16 September 2022 the South African Revenue Service (SARS) discontinued the requirement to submit an IT14SD when a corporate tax return (ITR14) is identified for a verification. The IT14SD was consequently replaced with a letter requesting relevant supporting documents based on the reason for verification of the ITR14. What does this mean? […]
Sars’ Process To Declare That You Have Ceased To Be A Tax Resident In South Africa
In terms of section 23 of the Tax Administration Act No. 28 of 2011 (“TAA”), taxpayers must inform SARS within 21 days of any changes in their registered details, which also includes their tax residency status. As South Africa operates under a residence-based tax system, failing to do so will allow SARS to tax individuals […]
When Must Reportable Arrangements Be Reported To SARS?
In terms of sections 34 to 39 of the Tax Administration Act No. 28 of 2011 (“TAA”), when certain transactions are entered into, the details of such transactions must be disclosed to SARS and are known as “reportable arrangements”. Reportable arrangements must be reported to SARS within 45 business days after the date on which […]