The Market Has Spoken: Experienced Hands Needed to Navigate SARS’ Enhanced AIT Process
The market saw mixed reactions following the implementation of the enhanced Approval of International Transfers (AIT) process on 24 April 2023.
The Cost of Non-Compliance – SARS’ Shrapnel Knows No Borders
SARS has made it easier to clamp down on individuals it deems as “sophisticated taxpayers”, specifically those with the ability “to apply for more than the yearly R1 million single discretionary allowance”. This is per the SARS media statement on 3 May 2023, and is one of the reasons given for the new Approval for […]
Kieswetter Makes No Empty Promises – No One Is Above The Law!
On 24 May 2023, the South African Revenue Service (SARS) released Interpretation Note 129 (IN129), which provides clarity on the interpretation and application of the phrase “maximum tax rate applicable to the taxpayer” in section 222(5) of the Tax Administration Act 28 of 2011 (“TAA”). This is specific to when the applicable tax rate to […]
New AIT Enhancements Not to be Taken Lightly
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 solar energy tax incentive – a “light”-line for businesses?
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 […]