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 […]
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 […]