Month: <span>Mar 2022</span>

31 March 2022 – The South African Revenue Service (SARS) today releases trade statistics for February 2022 recording a preliminary trade balance surplus of R10.60 billion. These statistics include trade data with Botswana, Eswatini, Lesotho and Namibia (BELN). The year-to-date (01 January to 28 February 2022) preliminary trade balance surplus of R14.67 billion is a deterioration from the R45.21 billion trade balance surplus for the comparable period in 2021. Exports increased by 7.3% year-on-year whilst imports increased by 31.4% over the same period.

The R10.60 billion preliminary trade balance surplus for February 2022 is attributable to exports of R141.15 billion and imports of R130.55 billion. Exports increased by R10.51 billion (8.0%) between January and February 2022 and imports increased by R3.98 billion (3.1%) over the same period.

See the full media statement here.

Visit the Trade Statistics webpage.

Source: SARS Tariffs
Trade Statistics for February 2022

30 March 2022 – Annual Reconciliation Declaration (EMP501) submission period opens on 1 April and closes on 31 May. Employers are required to submit their annual reconciliation declarations covering the full tax year from 1 March 2021 to 28 February 2022. For more detail on this year’s enhancements, submission channels and more, click here.

Source: SARS Tariffs
PAYE Annual Reconciliation 2022 starts 1 April

30 March 2022 – The Guide for the SARS Payment Rules has been updated to include Discovery Bank and Grindrod Bank for payments that can be made via EFT (Electronic Fund Transfer) into the SARS public beneficiaries listed on the banking platform.

Source: SARS Tariffs
SARS Payment Rules

28 March 2022 – The SARS Commissioner Mr Edward Kieswetter will announce the preliminary revenue collection outcome for 2021/2022 on Friday 1 April 2022 at 14:00.

Live streaming link – https://www.youtube.com/watch?v=hqDZN30BxIo.

For more information, please contact sarsmedia@sars.gov.za

Source: SARS Tariffs
Preliminary SARS revenue collection outcome for 2021/2022

28 March 2022 – Invitation for applications by suitable candidates for appointment or re-appointment as tax court members

Due date: 8 April 2022

Source: SARS Tariffs
Legal Counsel – Dispute Resolution & Judgments – Tax Court

28 March 2022 – SARS has launched an online functionality for the registration of Trusts for Income Tax purposes via the SARS Online Query System (SOQS) on this website. Trustees, representative taxpayers, and registered representatives can now not only register a trust for income tax purposes, but also submit any supporting documents online. In simplifying this process, we have made it easier for taxpayers to have a seamless experience when interacting with SARS in a digital environment rather than visiting a SARS branch for Trust tax registration.

For more information, see our:

• Trusts webpage
• Send us an Online Query (SOQS) webpage (with all the current SARS services)
• The direct link on the SOQS system to register your Trust for Income Tax.

If you need the detail process first before going to the online registration link, you can see the updated Guide on how to use the SARS Online Query System, and scroll to the Trust section.

 

Source: SARS Tariffs
New channel to register a Trust

25 March 2022 – Excise Tax is indirect duties, levies and taxes imposed on certain locally manufactured and imported goods, which are consumed in South Africa. Excise Legislation makes provision for certain goods to be taxed at the closest point to where they are manufactured – a leaflet was published to assist small businesses – Excise Guide for Small Businesses.

Source: SARS Tariffs
Excise essential guide for Small Businesses

23 March 2022 – New document, SARS Preferential Procurement Policy, has been published.

The policy has been Developed to enable SARS to comply with section 217 (2) and (3) of the Constitution that makes it incumbent on organs of state to apply a system of preferential procurement and to do so in terms of national legislation (BBBE Act).

Source: SARS Tariffs
Procurement – SARS Preferential Procurement Policy

22 March 2022 – The Guide for Employers iro Employees Tax for 2023 has been updated to include the new table of rates per kilometre for motor vehicles.

Source: SARS Tariffs
Employees’ tax

17 March 2022 – The Commissioner of the South African Revenue Service (SARS) Mr Edward Kieswetter has committed the organisation to promoting the use of historically marginalised official languages in the tax and customs environment.

He was speaking at the launch of the SARS multilingual tax terminology publication which contains 450 terms in our all official languages (English already existing), namely Sesotho, Setswana, Sepedi, Tshivenḓa, Xitsonga, IsiNdebele, Siswati, IsiZulu, IsiXhosa and Afrikaans. This list covers the wide spectrum of the financial terminology, such as tax, wills, and general financial business practices.

See the full media statement here.

Source: SARS Tariffs
Media Release – Launch of SARS multilingual tax terminology publication