Legal Counsel – Preparation of Legislation – Draft Documents for Public Comment
11 December 2023 – Customs and Excise Act, 1964 Draft amendments to rules (and related forms) under sections 21, 60 and 120 – Fuel levy goods Due date for comment: 12 January 2024
Local Assets at Market Value Declared on the ITR12 Return
11 December 2023 – As from the 2023 year of assessment, taxpayers are required to complete the section for “Local Assets (at Market Value)” on the Individual Income Tax Return (ITR12) if the value of their local assets is in excess of R50 million. Many taxpayers have contacted SARS seeking clarity on whether the asset […]
VAT enhancements for estimated assessments
11 December 2023 – The estimated assessment functionality has now been implemented for VAT. If a vendor does not provide the relevant material requested by SARS during the VAT verification process, SARS may raise an estimated assessment in terms of section 95(1)(c) of the Tax Administration Act. Please note the following regarding estimated assessments: The […]
