On 24 April 2023, the new enhanced Tax Clearance Status System, was introduced, this being the Approval for International Transfer, or AIT application, as it has been coined. Without much fanfare, SARS’ immediate implementation of this new process may have come as a shock to the market, generating some uncertainty amongst financial professionals.
The continued rollout of loadshedding in South Africa has forced businesses to dig-deep into their pockets to keep their doors open amidst the country’s energy crisis. With productivity at an all-time low, the economy, at large, is desperate for a feasible solution. In an attempt to encourage greater private investment by businesses in renewable energy […]
There are two significant SARS changes in the past 6 months impacting South Africans both local and anyone abroad on trusts, which directly impacts the beneficiaries of a trust.
The South African Revenue Service (“SARS”) introduced the new Approval for International Transfer (“AIT”) process on 24 April 2023, which requires a significant change in disclosure for South Africans taking money abroad.
In a recent media release, dated 11 May 2023, and focused on VAT Refunds and Registrations, the South African Revenue Service (“SARS”) stated that it is committed to paying legitimate refunds to qualifying taxpayers, as and when they become due. In line with this commitment, SARS reported that during the 2022/23 financial year, a record […]
Since the South African Revenue Service (SARS) announced the changes to the Tax Compliance Status (TCS) process, the media has been abuzz. To cut through this noise, Tax Consulting South Africa and the Financial Planning Institute of South Africa (FPI) held a short webinar on 10 May 2023 unpacking all these changes, with a step-by-step […]
The South African Revenue Service (SARS) recently made several changes to its Tax Compliance Status (TCS) process. According to their media statement on 3 May 2023, SARS states that these changes, or “enhancements”, aim to “dramatically improve turnaround times” for compliant taxpayers and traders seeking to transfer funds out of South Africa.
Living in Portugal is the dream for many South Africans, and those wishing to make this dream a reality often opted to apply for a golden visa. According to Henley & Partners, a leading global investment migration firm, a golden visa grants approved applicants’ full residence rights in exchange for a defined economic contribution to […]
In line with the strategic objective of making compliance easy, and in some instances seamless, the South African Revenue Service (“SARS”) has afforded taxpayers the assistance of obtaining compliance, even when they are unable to fully service their tax debts. This avenue of reprieve is available by means of the tax debt relief solutions contained […]
The proposed new law regarding the tax credit available to individuals who install solar panels has been announced. The system will be introduced in the form of a tax credit, as opposed to a tax deduction. This is good news as it affords individuals with a uniformed opportunity in claiming the same tax credit. Under […]