Tax Alerts
Forvis Mazars in South Africa
International partnership specialising in audit, tax & advisory in 100+ countries and territories.
We are pleased to introduce our first Tax Alerts edition. Our bi-weekly editions are designed to keep you informed on recent key tax developments. Click "read more" for additional details on a specific topic.
SARS Newsletters
SARS Government Connect Newsletter Issue 22 (September 2024)
This issue includes the criteria for extension of the period for lodging an objection or appeal, the two-pot retirement system, verification turn-around times and the prescribed limit for retirement contributions within a 12-month period.
SARS' SMME Traders Connect Newsletter Edition 4 (23 August 2024)
This edition contains details on Phase 2 of the Automotive Production Development Programme.
SARS' Tax Practitioner Connect Issue 56 (September 2024)
This edition provides more details about the criteria for extension of the period for lodging an objection or appeal, the two-pot retirement system, verification turn-around times and the prescribed limit for retirement contributions within a 12-month period.
SARS Monthly Tax Digest (August 2024)
This SARS Digest provides guidance on the?2024 individual tax filing season.
SARS External Guides
SARS External Guide on Withholding Tax on Royalties Return
This SARS Guide provides guidelines regarding the completion of the Withholding Tax on Royalties return (WTR01), how to make payment on SARS eFiling and apply for a refund using the Rev16 form.
GEN-GEN-56-G02 – Submit request for reduced assessment RRA02 via eFiling for company or trust – external guide
This SARS Guide provides more details regarding the Request for Reduced Assessment (RRA02). The RRA01 is a new functionality that has been introduced to manage requests for reduced assessments for companies under section 93 of the Tax Administration Act (TAA). Taxpayers are required to complete the RRA02 form. A case will then be created to assess whether the taxpayer qualifies for a reduced assessment.
SARS Interpretation Notes
SARS Interpretation Note 132: Persons not eligible to register as a tax practitioner and deregistration of registered tax practitioners for tax non-compliance
This SARS Interpretation Note provides guidance regarding who may not register as a tax practitioner and when SARS will deregister a person / grant a period of non-qualification.
SARS Interpretation Note 98 (Issue 2): Public benefit organisations: The provision of funds, assets or other resources to any association of persons
This SARS Interpretation Note provides guidance on the provision of funds, assets or other resources to an association of persons carrying on public benefit activities.
SARS Interpretation Note 15 (issue 6): Exercise of discretion to extend the period to lodge an objection or appeal
This SARS Interpretation Note provides guidance in respect of the period of extension of time to lodge an objection or appeal.
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SARS Rulings
Binding Private Ruling 410 – Disposal by a controlled foreign company of equity shares in a foreign company
Binding Private Ruling 410, issued 11 September 2024, determines the income tax and capital gains tax consequences of the disposal of equity shares in a foreign company by a Controlled Foreign Company.
Public Notices
Public Notice No. 5114: Notice of addresses at which a document, notice or request is to be delivered or made for purposes of rule 2(1)(c)(ii) and rule 3(1) read together with rule 2(1)(c)(iii) of the rules promulgated in terms of section 103 of the Tax Administration Act No. 28 (2011)
This Public Notice deals with the address to which a notice should be delivered or request made in terms of section 103 of the Tax Administration Act
New Developments
Trust verification enhancements
SARS to issue estimated assessments to trusts. Read our summary of this new development to find out more.?
Tax Directive enhancements
The tax directive system and application forms have been enhanced to accommodate requests for the Savings Withdrawal Benefit and for transfers of the Vested Component, Savings Component, and Retirement Component to another fund.
Retirement Fund Contribution Deductions Section 11F(2)(a)
Section 11F(2)(a) of the Income Tax Act was amended with effect from 1 March 2024. Where a person’s year of assessment is less than 12 months, the maximum amount of the allowable retirement fund contribution deduction may not exceed the prescribed limit (currently R350 000) for all years of assessment within the 12-month period from 1 March of that calendar year to the last day of February in the following year.
Prohibited and Restricted Imports and Exports list
ITAC Import permit is not required for Tariff heading 4911.I
Case Law
South Africa Custodial Services (Louis Trichardt) (Pty) Ltd v Commissioner for the??South African Revenue Service??(A291/2022) [2024] ZAGPPHC 821 (21 August 2024)
SACS contended that the Anti-Prescription Agreement signed with SARS in 2016, which extended the prescription period, bound SARS to issue assessments for 2013 to 2016 based on a judgment by Cloete J regarding earlier years. SACS also claimed immunity due to the expiration of the limitation period.
QI Logistis (Pty) Ltd v Commissioner for South African Revenue Services? (35089/2020) [2024] ZAGPPHC 792 (8 August 2024)
This case focuses on import duties and penalties levied by SARS on the import of diesel. The clearing agent was held liable due to the agent’s failure to provide sufficient proof that the diesel had been exported. Read our summary of this case to find out more.?
Tholo Energy Services CC v Commissioner for the South African Revenue Service? (378/2023) [2024] ZASCA 120 (6 August 2024)
This case focuses on refund claims submitted to SARS which did not comply with the requirements of the Customs and Excise Act No. 91 (1964). Read our summary of this case to find out more.?
Thank you for joining us for this edition of our Forvis Mazars Tax Alerts. Stay tuned for future updates! If you'd like to discuss any of the topics covered, please feel free to contact our experts .