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 […]
New tax reporting obligations of trusts
A strong theme emerging from the South African Revenue Service (SARS) and National Treasury for the 2024 financial year, is that of reporting and trusts are not left behind. Beneficial ownership To comply with the Financial Action Task Force (FATF) requirements, SARS aims to record all beneficial owners of newly registered Trusts. SARS’s online query […]
Nuwe belastingverslagdoeningsvereistes vir trusts
‘n Sterk tema wat van die Suid-Afrikaanse Inkomstediens (SAID) en Nasionale Tesourie vir die 2024-boekjaar na vore kom, is dié van verslagdoening en trusts word nie agterweë gelaat nie. Begunstigde eienaarskap Om aan die vereistes van die Financial Action Task Force (FATF) te voldoen, beoog die SAID om alle begunstigde eienaars van nuut geregistreerde trusts […]
2022 Filing season deadlines
*Disclaimer: The relevant RCB’s are currently in discussions with SARS and the deadlines on trust submissions may be subject to change
Can I get a tax deduction for the installation of solar panels at my home?
Section 12B of the Income Tax Act 58 of 1962 allows a taxpayer to claim a deduction on the costs incurred: in respect of plant, machinery, implements and articles owned by the taxpayer; that are first brought into use by that taxpayer in the course of its trade; and in the generation of electricity […]
National Treasury releases draft tax amendments
The 2020 Draft Taxation Laws Amendment Bill (TLAB) and 2020 Draft Tax Administration Laws Amendment Bill (TALAB) were published by the National Treasury and the South African Revenue Service (SARS) on 31 July 2020. These draft bills deal with the legislative amendments that were proposed on 26 February 2020 during the 2020 Budget Speech by […]
Valid Tax Invoice Requirements for VAT Vendors
When making a purchase for your business, you should always ensure you receive a valid VAT invoice. This enables you to claim input VAT from SARS. With the change in VAT rate from 14% to 15%, VAT has come under the spotlight. This brings more focus on VAT compliance and more specifically on when we […]