The July 2024 SARS Snapshot brings crucial updates as the tax filing season continues including adjustments to retirement fund deductions, tax-free investment limits, and others. Enhance your tax filing experience using SARS's updated self-help channels, including the new WhatsApp service. Stay informed and ensure a smooth filing process with CIBA’s monthly publication.

Practitioners offering tax services must register as tax practitioners and follow the rules set out in the Tax Administration Act. Staying above board at all times is crucial, filing taxes on time, clearing any tax debts, and keeping accurate records. Failing to follow these rules can lead to the loss license to practice and can also have legal consequences. Our article highlights the key aspects you need to keep in mind as a tax practitioner.

The 2024 Draft Tax Bills and Draft Regulations published for public comment will greatly impact tax planning, compliance, and advisory services for accountants. Key amendments include stricter rules to prevent tax incentive abuse, updated definitions for easier compliance, and new incentives for sustainable investments. Our article explains key amendments in the Taxation Laws Amendment Act enabling you to be prepared and guide their clients effectively.

Explore key insights from the latest National Operations meeting on 01 August 2024, between SARS and the RCB Forum, shedding light on vital updates regarding VAT registration, e-filing security, and VAT dispute resolution. Discover how these advancements are cultivating a smoother, more secure rapport between tax practitioners and SARS, ultimately shaping a more streamlined tax system.

Discover the key to smarter tax management strategies for the manufacturing sector! Our article demystifies complex tax regulations, concentrating on recognising manufacturing processes and maximizing capital allowances. Tailored for accountants advising manufacturing firms, this guide delivers straightforward, actionable advice to enhance your clients' tax savings and ensure regulatory compliance.

Tax practitioners are essential in the scrap metal industry, ensuring compliance with complex tax laws and optimising financial outcomes. They assist with key tax obligations such as income tax, VAT, and employee taxes, and help businesses navigate regulatory changes like those in the Second-Hand Goods Act. By providing strategic tax planning, accurate record-keeping, and tax audit support, tax practitioners help scrap metal businesses minimise liabilities, maintain regulatory compliance, and enhance overall profitability.

The regulation of South Africa’s scrap metal industry is essential for mitigating the economic and operational impacts of metal theft, particularly copper and steel. New proposed amendments under the Second Hand Goods Act aim to strengthen the regulatory framework requiring both buyers and sellers to register and comply with enhanced reporting requirements. These measures are designed to enhance transparency, reduce illegal trade and protect the industry’s contribution to the GDP while securing critical infrastructures from disruptive thefts.

With the start of the filing season, tax practitioner must stay informed about tax law changes, prepare client data in advance, use reliable tax software, and manage time efficiently. In this article, we highlight the key areas which are crucial for ensuring accuracy and client satisfaction during this demanding period.

The June 2024 SARS Snapshot brings a summary of key developments including the commencement of the tax filing season on July 15, and legal reforms in the Revenue Laws Amendment Act 2024 to streamline pension and provident fund regulations. Verify clients’ eFiling details for a smooth filing process and keep up to date with us!

SARS auto assessments are once again a reality. Tax practitioners have an essential role in this process ensuring that these assessments are accurate and complete. Our article outlines the steps to be followed and provides a template letter to communicate to clients.

The May edition of CIBA's SARS Snapshot brings important tax updates and insights for businesses and individuals. It brings you improvements in SARS’s digital platforms and the Trust dispute resolution process, updates guides, customs tariff amendments and the upcoming deadlines for the individual tax season.

Discover how IFRS 16 transforms the accounting for operating leases, requiring the capitalization of lease payments as right-of-use assets and liabilities. Understand the tax implications and get practical insights into handling variable payments and exemptions.

Delve into the essentials of tax implications for both secured and unsecured term loans in South Africa. Understand the pivotal role of Section 8F in recharacterizing interest as dividends and how recent amendments affect your tax planning. Ideal for businesses and accountants seeking clarity on hybrid debt instruments and dividend tax exemptions

Learn about the lesser-known mandate of the Ombud in overseeing SARS and addressing systemic issues in South Africa's tax system. Read about the issues investigated by the Ombud and what you can do to inform your clients and contribute towards collaborative efforts to improve tax administration.

CIBA’s April edition of the SARS Snapshot brings critical updates and insights for businesses and individuals. Key highlights include crucial information for Public Benefit Organisations about the IT3(d) submissions, important alerts on new phishing scams—ensure to delete suspicious emails promptly. Additionally, we share significant legal outcomes in tax and customs cases stressing the importance of adhering to procedural requirements. Upcoming deadlines include the closure of PAYE annual employer reconciliations and Third Party Data Annual Submissions on May 31, 2024.

Explore how the Tax Administration Act (TAA) influences the duties and responsibilities of accountants in South Africa, extending beyond traditional tax practitioners. This article delves into the critical aspects of Section 241, emphasizing the importance of due diligence in financial documentation. Learn about the stringent compliance measures, the implications of non-compliance, and best practices for accountants to navigate the complexities of the TAA, ensuring accuracy and integrity in financial reporting.

In this article, we explore the VAT implications for providing services to foreigners based on a visa consultancy. We look at VAT rates, exemptions, and the specific challenges faced by businesses providing services to foreign nationals, with a detailed analysis of current regulations including the critical aspects of standard rate vs. zero-rating and the handling of disbursements. Essential reading for accountants and tax professionals managing international client bases.

In this article we look at how tax practitioners can uphold financial compliance and integrity ensuring tax compliance. We show you and example on how, as tax practitioner you can communicate to clients and assist them managing their tax responsibilities, and the crucial actions required to maintain tax compliance for both practitioners and their clients as outlined by the CIBA and SARS.

Explore key updates from the 18 April 2024 National Operations meeting between SARS and the RCB Forum. This article covers essential topics like e-filing hijacking, SARS' relationship with tax practitioners, appointment system challenges, compliance training, and regulatory changes. Stay updated on efforts to improve the tax administration system and partnerships with tax practitioners.

Learn about the latest IESBA Code of Ethics updates for tax practitioners, including qualifications, ethical responsibilities, and compliance standards. This guide highlights the importance of credible advice, ethical integrity, and professional development in tax planning.