SARS Gazettes New Era For Trusts, Aiming At Trustees And Beneficiaries
On 30 June 2023, in a Gazetted public notice, the South African Revenue Service (SARS) formally expanded its third-party reporting standards to include trusts. Now, all South African trusts, and some foreign trusts, are required to submit returns containing third-party information as specified by SARS.
Company Confidential Shareholding Days Are Over – Deadline For CIPC Beneficial Ownership
On 1 April 2023, the Companies and Intellectual Property Commission (CIPC) released its new “Beneficial Ownership Register” functionality on its e-services platform. This new requirement has placed companies under the spotlight as they must now declare their Beneficial Ownership to the CIPC.
Tax Filing Season 2023 Is Here: These Are The Changes You Need To Know
The South African Revenue Service (SARS) has confirmed that the 2023 tax season will commence as follows: Individual taxpayers (non-provisional): 7 July 2023 to 23 October 2023 Provisional taxpayers: 7 July 2023 to 24 January 2024
Taxpayers Remain Unaware of SARS’ Saving Grace For Non-Compliance
The South African Revenue Service (SARS) has continually granted a lifeline to non-compliant taxpayers by keeping the Voluntary Disclosure Programme (VDP) open, which allows non-compliant taxpayers to come clean. The VDP came as a saving grace for many, especially as SARS began ramping up its efforts to eliminate non-compliance and massive collection drives.
Binding Rulings
Binding Private Ruling: BPR 387 Attribution of nett income to a public benefit organisation (09 December 2022) This ruling determines the tax consequences of a public benefit organisation (PBO) holding a participatory interest in a controlled foreign company, which is a foreign incorporated charity.