A recent Tax Court ruling in favour of the South African Revenue Service (“SARS”), which treated large loan account balances as undeclared income, serves as a warning to directors and shareholders to properly manage these accounts, maintain accurate records, and be prepared to explain the origin of funds when SARS flags loans as unexplained.
Being abroad won’t save you from SARS’ collection efforts As the upcoming tax filing season approaches, the South African Revenue Service (SARS) is reportedly ramping up a major initiative aimed at recovering outstanding tax debt including from taxpayers living abroad.
Employers can count on a house inspection from the South African Revenue Service (SARS) this filing season. With revenue recovery top of the agenda and more hands on deck to get the job done, know that a thorough mop-up of any payroll non-compliance is on the way.
As SARS continues to enhance its Compliance Programmes by modernising its systems and integrating artificial intelligence to better identify instances of non-compliance, so too is the revenue collector bolstering the manpower behind its tax debt collections team. In a strategic move, National Treasury has allocated additional funding to SARS’ resourcing initiatives, effectively boosting its operational […]
In preparation for the upcoming tax filing season, the South African Revenue Service (SARS) is believed to work on a major special initiative focused on tax debt collection, which is expected to yield an additional R70 billion in revenue over the next three years. It is understood that in the hallways at SARS officials aptly […]
Only two months into the new tax year, many South Africans have again dipped into their retirement fund Savings Pot, after also making a withdrawal in the previous six months.
Last week it was still all systems go for the VAT rate to increase to 15.5% on 1 May 2025. This morning South African businesses and consumers woke up to the news that Finance Minister Enoch Godongwana has withdrawn the proposed increase of 0.5 percentage points.
With more and more South African companies eyeing growth beyond our borders, international expansion is becoming an exciting reality. Whether it’s tapping into foreign markets, acquiring offshore assets, or collaborating with related entities abroad, there’s a world of opportunity waiting. But as with most good things, there are a few key regulatory considerations that need […]
If you are a Section 18A approved non-profit organisation (NPO) that relies on donations, you already know how important it is for donors to claim tax deductions on their contributions. But did you know that failing to submit your IT3(d) forms on time, or making errors in the process, could put your S18A status at risk and leave your donors in the lurch?
The Tax Court has handed down a pivotal judgment in Fund v SARS (VAT 22558) [2025] ZATC CPT, confirming that the Legal Practitioners Fidelity Fund (“the Fund”) is entitled to deduct input Value-Added Tax (VAT) on over R150 million in professional indemnity insurance premiums.
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