29 February 2024 – The Securities Transfer Tax (STT) guide is updated with email address and REV16( Request for refund) form.
Source: SARS Tariffs
Securities Transfer Tax
Media release – Trade statistics for January 2024
29 February 2024 – In the year 2023, South Africa recorded a full year total trade balance surplus of R62.2bn (exports of R2.04trn and imports of R1.98trn constituting a total trade of R4.02trn).
Today, the South African Revenue Service (SARS) releases trade statistics for January 2024, recording a preliminary trade balance deficit of R9.4 billion. The deficit is attributable to exports of R144.3 billion and imports of R153.7 billion, inclusive of trade with Botswana, Eswatini, Lesotho and Namibia (BELN).
The year-to-date (01 January to 31 January 2024) preliminary trade balance deficit of R9.4 billion was an improvement from the R24.4 billion trade balance deficit for the comparable period in 2023. On a year-on-year basis, export flows for January 2024 were 4.5% higher compared to the R138.0 billion recorded in January 2023, whilst import flows were 5.4% lower having decreased from R162.4 billion in January 2023 to R153.7 billion in the current period.
On a month-on-month basis, exports decreased by R21.2 billion (-12.8%) from R165.5 billion to R144.3 billion between December 2023 and January 2024, whilst imports increased by R3.8 billion (2.5%) from R149.9 billion to R153.7 billion over the same period. Export flows decreased in January, driven by Passenger and Goods Vehicles as well as Coal. Value of imports increased on the back of higher import flows of Original Equipment Components, Telephone Sets, and Wheat and Meslin.
Due to ongoing Vouchers of Correction (VOCs), the preliminary trade balance surplus of R14.1 billion announced for December 2023 was revised upwards by R1.5 billion, with the final number at R15.6 billion.
Source: SARS Tariffs
Media release – Trade statistics for January 2024
Remember to record your motor vehicle’s odometer reading on 1 March
29 February 2024 – If you receive a travel allowance from an employer or principal, you can claim a deduction on assessment of your annual income tax return for the use of a private motor vehicle for business purposes. What do I need to do? Firstly, record your motor vehicle’s odometer reading on 1 March, i.e. on the first day of a tax year. Secondly, make sure that you keep a logbook throughout the year. Note that it is not necessary to record details of private travel but you must record details of business travel. You may make use of the SARS eLogbook, simply download the logbook. The latest logbook for next year was added on the Travel eLogbook webpage:
- 2024-25 SARS eLogbook for the 1 March 2024 – 28 February 2025 assessment year and filing season starting 1 Jul 2025
- 2023-24 SARS eLogbook for the 1 March 2023 – 29 February 2024 assessment year and filing season starting 1 Jul 2024
Source: SARS Tariffs
Remember to record your motor vehicle’s odometer reading on 1 March
Media release – Commissioner Kieswetter’s term extended
27 February 2024 – The South African Revenue Service (SARS) confirms that President Cyril Ramaphosa requested the SARS Commissioner Mr. Edward Kieswetter to stay beyond his current term, which was meant to expire on 30 April 2024. Both parties agreed to the extension of his term as Commissioner for a period of two years.
The decision was premised on the understanding that the extended term will afford SARS the opportunity to further embed the SARS strategic intent and transformation on which the organisation embarked upon in 2019. The country as a whole can attest that measurable progress has been made to position SARS as a credible tax and customs authority that plays a pivotal role in helping government to build a capable state for the social and economic development of all South Africans. Commissioner Kieswetter said that “This effort must be intensified and sustained”.
The term extension also provides the necessary time to continue the existing investment to strengthen the SARS leadership bench and prepare for an orderly leadership transition in the organisation over the next 2 years.
Commissioner Kieswetter said that “I can assure all South Africans that, with your support, SARS will spare no effort and continue to work hard to ensure that the vision of a Smart, modern SARS with unquestionable integrity, admired by all is achieved. SARS remains inspired by the transformative and Higher Purpose of serving all South Africans”.
For further information, please contact SARSMedia@sars.gov.za
Source: SARS Tariffs
Media release – Commissioner Kieswetter’s term extended
Media release – SARS confirms legal action
27 February 2024 – The Commissioner for South African Revenue Service (SARS) Mr Edward Kieswetter hereby confirms that SARS has instituted legal proceedings against Sasfin Bank, as disclosed in the SENS announcement issued by Sasfin Holdings Ltd on 27 February 2024.
SARS conducted a thorough investigation into various South African taxpayers who had not made true and accurate tax disclosures to SARS. The investigation revealed that the taxpayers had colluded to expatriate funds offshore in a manner that obscured tracing the expatriated payments and jeopardises the recovery of tax in South Africa.
The Commissioner’s position is that it is inappropriate to comment on the question of liability and compensation for the fiscus’ loss, as these are legal issues that are now before the South African judicial system. Given this development, SARS will not be making any further comment.
The Commissioner wishes to affirm his commitment to pursue the enforcement and recovery of taxes without fear, favour or prejudice in the interest of upholding the fiscal integrity of the South African tax system.
For further information, please contact SARSMedia@sars.gov.za
Source: SARS Tariffs
Media release – SARS confirms legal action
Excise – Biodiesel
27 February 2024 – The Biodiesel external policy has been revised as follows:
- To align with the relevant sections of the Act.
- The biodiesel process flow and the process for reprocessing, destruction and abandonment have been deleted from the external policy.
- Robbery and theft have been included as exclusionary items under Vis Major losses.
SE-BIO-02 – Biodiesel – External Policy
Source: SARS Tariffs
Excise – Biodiesel
Health Promotion Levy on Sugary Beverages
27 February 2024 – The Health Promotion Levy on Sugary Beverages external policy has been revised to align with the relevant sections of the Act.
Source: SARS Tariffs
Health Promotion Levy on Sugary Beverages
Excise – Declaration & Return Submission via eFiling
27 February 2024 – The Declaration and Return Submission through eFiling guide has been revised as follows:
- To remove references to specific Excise products and apply them to all products
- Relevant processes have been revised to reflect current eFiling system functionalities
- The process for capturing all Excise duties and levies has been updated
- The document has been converted from a manual to a guide and the document Q-Code was changed from SE-ACC-02-M02 to SE-ACC-08
This update resulted in the withdrawal of SE-ACC-06-M01 – Return and Submission of HTML5 forms via eFiling – External Manual.
SE-ACC-08 – Declaration and Return Submission via eFiling – External Guide
Source: SARS Tariffs
Excise – Declaration & Return Submission via eFiling
Tax Directive – Legislative changes
26 February 2024 – The tax directive guides have been updated to include the following changes:
- The new fields added on the IRP3(s) form to allow for the taxation of local and foreign income for South African citizens who have worked both locally and overseas who do not qualify for exemption under s10(i)(o)(ii).
- The new fund types added to the ROT01 form which are Unclaimed Pension Preservation Fund and Unclaimed Provident Preservation Fund.
IT-AE-41-G01 – Completion Guide for IRP3(a) and IRP3(s) Forms – External Guide
IT-AE-41-G03 – Guide to Complete Submit and Cancel a Recognition of Transfer – External Guide
Source: SARS Tariffs
Tax Directive – Legislative changes
Invitation to a webinar on Trust Tax Compliance
26 February 2024 – SARS will host a webinar on Trust and Tax Compliance on Thursday, 29 February 2024, to help Trust taxpayers fulfil their tax obligations and remain tax compliant.
Pursuant to our strategic objectives of providing clarity and certainty and making it easy for taxpayers to comply with their tax obligations, the webinar aims to educate Trust taxpayers on Tax compliance.
The webinar will include relevant compliance information as well as discussions on various topics in the Trust tax environment. A focus on the Trust Modernisation Programme, South Africa’s grey-listing by FATF, and the linked Beneficial Ownership requirements will be included.
With the webinar, the Trust Unit aims to:
- Convey the compliance requirements across the Trust value chain, namely registration, filing, declaration, and payment,
- Educate Trust taxpayers on requirements that are not clear; and
- Ultimately see improvements in Trust Tax compliance across the Trust value chain.
As an important stakeholder, you are invited to join the webinar. You may also extend the invitation to other interested parties.
Webinar details:
Topic: Trusts and Tax Compliance
Date: Thursday, 29th of February 2024
Time: 17:00 – 19:00
Platforms: Virtual (Zoom and YouTube)
Register in advance for this webinar on the following link:
https://sars-gov-za.zoom.us/webinar/register/WN_5_2bneKKQviX9LtKB2eRIw
Passcode: 509896
YouTube link: https://youtube.com/live/p8xq__pPjU0?feature=share
After registering, you will receive a confirmation email with information on how to login to the webinar for an opportunity to have your questions answered during the session.
If you have questions about tax exemption institution status and section 18A, please send an email to TrustQuestions@sars.gov.za
The webinar will also be recorded and published on the SARSTV YouTube channel afterwards.
Source: SARS Tariffs
Invitation to a webinar on Trust Tax Compliance
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