Accounting weekly

Tax

How Crypto Is Taxed Around The Globe

Cryptocurrency is still going strong after 14 years. Though the industry has faced major setbacks like China’s crypto mining ban and sell-offs in January, Yahoo Finance reports that its market cap is still well above $1.3 trillion. In part, this is thanks to its large user base of over 3 million people. Crypto transactions are usually done …

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SARS faces underfunding of R9-billion

The South African Revenue Service faces underfunding of R9-billion over the next three years while the institutional rebuilding after State Capture continues, says tax boss Edward Kieswetter. Read the full article here.

SARS Collects R1.564 trillion

For the period ending 31 March 2022, SARS collected a gross amount of R1 884.9 billion (R1 540.5 billion in the prior year). Offset by refunds of R321.1 billion (R290.7 billion in the prior year), this results in net collections of R1 563.8 billion, which represented a surplus of R314.0 billion (25.1%) against the prior …

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Additional tax invoice requirements for non-resident suppliers of electronic services 

By Jana Botha, VAT Consultant, and Francis Mayebe, Candidate Attorney, Tax Practice, Baker McKenzie Johannesburg  VAT-registered ESS suppliers must take note of the important changes to the tax invoice requirements to ensure compliance with the law. South Africa imposed VAT on electronic services with effect from June 2014, and subsequently widened the scope of the …

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SARS Vision 2024: greater efficiency in collections, but questions remain 

By Joon Chong, Partner at Webber Wentzel  SARS plans to implement Vision 2024 with the objective of collecting taxes from individuals on a real-time monthly basis, but a number of practical issues need to be addressed  SARS announced in February 2020 that it was taking the first steps towards becoming a future revenue authority informed …

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