High-Wealth Individuals and Crypto Traders High on SARS’ Hit-List
SARS has confirmed its compliance radar is focused on both High-Wealth Individuals and taxpayers engaging in cryptocurrency related transactions for the next fiscal year! Both taxpayer segments have been a recurring collection windfall for the tax man and have once more made it onto the “Compliance Themes” to maximise revenue collection, per SARS’ Revenue Announcement […]
SARS Achieves Record Gross Collections of R2,303 Trillion for the 2024/25 Fiscal Year!
SARS confirmed record highs on a number of fronts in its Revenue Announcement which took place on 01 April 2025. This included taxpayer compliance behaviour, improved voluntary compliance, and SARS employee engagement levels. Most notably however is SARS’ gross revenue collection, being a staggering R2,303 trillion, at the end of March 2025!
Don’t get lost in the practical and technical aspects of the higher VAT rate
Consumers should not be caught off guard on 1 May 2025 when the higher VAT rate kicks in, as it may happen that they pay more for a product at the till or point of purchase than what the individual product price ticket indicates.
Understanding South Africa’s Exit Tax and the Proposed Tax on Retirement Interests
A misunderstanding of certain sections in the Income Tax Act has many South Africans who moved abroad and ceased tax residency, worried that they will also be liable to pay Capital Gains Tax (CGT) on the withdrawal of their retirement funds, in addition to the tax levied as per SARS’ Tax Tables.
New VAT Rules for Digital Services in South Africa: What Businesses Need to Know
On 14 March 2025, South Africa published a significant amendment to its VAT regulations on electronic services, set to take effect on 1 April 2025. This revision impacts foreign non-resident suppliers and local businesses relying on cross-border digital services. Notably, the amendment alters the definition of “electronic services” to exclude certain business-to-business (B2B) transactions from […]