{"id":2138,"date":"2024-07-08T14:09:47","date_gmt":"2024-07-08T12:09:47","guid":{"rendered":"https:\/\/www.ezfreight.co.za\/index.php\/2024\/07\/08\/notice-from-sars-withdrawal-of-practice-note-31\/"},"modified":"2024-07-08T14:09:47","modified_gmt":"2024-07-08T12:09:47","slug":"notice-from-sars-withdrawal-of-practice-note-31","status":"publish","type":"post","link":"https:\/\/www.ezfreight.co.za\/index.php\/2024\/07\/08\/notice-from-sars-withdrawal-of-practice-note-31\/","title":{"rendered":"Notice from SARS: Withdrawal of Practice Note 31"},"content":{"rendered":"

8 July 2024 – It was previously communicated on 16\u00a0November 2022 that SARS intends to withdraw Practice Note\u00a031: \u201cInterest paid on moneys borrowed\u201d<\/strong> (PN\u00a031) for years of assessment commencing on or after 1\u00a0March 2023. In the same notice it was also requested that representation be made for legislative amendments in place of PN\u00a031 as part of the Budget 2023 Annexure C process<\/p>\n

Following the representations received National Treasury proposed the introduction of section\u00a011G \u2013 \u201cDeduction of expenses incurred in the production of interest\u201d<\/strong>, which was taken up in the Taxation Laws Amendment Act No.17 of 2023. The proposed effective date of section\u00a011G is for years of assessment commencing on or after 1\u00a0January 2025.<\/p>\n

The withdrawal of PN\u00a031 will therefore be delayed and will coincide with the effective date of section\u00a011G.<\/p>\n

See Practice note 31\/1994 here<\/a>.<\/p>\n

Source: SARS Tariffs
\nNotice from SARS: Withdrawal of Practice Note 31<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

8 July 2024 – It was previously communicated on 16\u00a0November 2022 that SARS intends to withdraw Practice Note\u00a031: \u201cInterest paid on moneys borrowed\u201d (PN\u00a031) for years of assessment commencing on or after 1\u00a0March 2023. In the same notice it was also requested that representation be made for legislative amendments in place of PN\u00a031 as part …<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[1],"tags":[24],"class_list":["post-2138","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-shipping"],"jetpack_publicize_connections":[],"acf":[],"yoast_head":"\nNotice from SARS: Withdrawal of Practice Note 31 - Easy Freight<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ezfreight.co.za\/index.php\/2024\/07\/08\/notice-from-sars-withdrawal-of-practice-note-31\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Notice from SARS: Withdrawal of Practice Note 31 - Easy Freight\" \/>\n<meta property=\"og:description\" content=\"8 July 2024 – It was previously communicated on 16\u00a0November 2022 that SARS intends to withdraw Practice Note\u00a031: \u201cInterest paid on moneys borrowed\u201d (PN\u00a031) for years of assessment commencing on or after 1\u00a0March 2023. 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