7 New Questions Trust Beneficiaries Must Know When SARS Asks
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.
SARS’ New Process for Emigration and Foreign Investment Allowance
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.
SARS Still Razor Sharp On VAT Refunds
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 […]
FPI Event Sheds Light on SARS’ Tax Compliance Status Process Change
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 […]
SARS Is Sticking to Its Promise of Dramatically Faster Turnaround Times
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.