The following CIPC Compliance Checklist is applicable to audited entities AND reviewed entities: Compulsory from 1 January 2020. To be submitted within 30 business days of the anniversary that the company was incorporated. It’s the responsibility of directors to ensure…
SARS had been issuing notices for final demand for the submission of the 2022 income tax returns to be submitted by 29 November 2022. However, in many instances, the affected taxpayers were provisional taxpayers who have until 23 January 2023…
With effect from 1 December 2022, administrative penalties relating to the late submission of a tax return will be charged when one or more tax returns relating to tax years from 2007 up to 2022 are outstanding.
For the years of assessment ending on or after 31 March 2023 the rate of Corporate Income Tax payable is reduced to 27% (previously 28%).
The purpose of the declaration is to inform SARS of the change in tax residency that will impact the basis on which you will be subject to tax in South Africa and how your returns will be assessed going forward…
The employer interim reconciliation declaration (EMP501) submission period opened on 19 September 2022 and closes on 31 October 2022. Employers are required to reconcile their monthly employer declarations (EMP201) for the first six months of a reconciliation year (1 March…
The legislation affecting annuities from pension funds was changed for SARS to provide an effective rate to the retirement funds in order to prevent the under-withholding of PAYE and subsequent unplanned tax debt, specifically in cases where pensioners receive more…
There has been some confusion that exists on how taxpayers should treat outstanding IT14SDs issued but not submitted. SARS informally communicated: If the IT14SD has already been submitted, the verification will be dealt with using the IT14SD. If a letter…
The difference between these types of engagements is the level of assurance that is provided on the financial statements as a whole in terms of being free of material misstatements. Audit – Reasonable assurance Independent review – Limited assurance Compilation…
On 7th September 2022, SARS confirmed that penalties were erroneously issued for the non-submission of 2022 personal income tax returns. SARS is in the process of reversing these penalties and taxpayers will be informed in writing once the reversal has…