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2024 Legal and Policy

Legal and Policy - 2 May 2024

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SARS

  • 25 April 2024 – Employer Annual Reconciliation period

The submission period for Employers’ Annual Reconciliation Declaration (EMP501) is 1 April to 31 May 2024.

Importantly, these reconciliation declarations (EMP501) must include the latest and most accurate payroll information regarding their employees, and the tax they have deducted covering the full tax year from 1 March 2023 to 28 February 2024.

The employer’s annual reconciliation must be submitted by 31 May 2024, so that employee’s auto-assessments and tax returns can be prepared accurately.

For more information, watch the guidance videos below:

  • 25 April 2024 – Customs and Excise Act, 1964: The tariff amendments notice, scheduled for publication in the Government Gazette, relates to the amendments to –
  • Part 2 of Schedule No. 4, by the insertion of rebate item 460.15/8482.99.17/01.08 in order to provide for a temporary rebate provision for the importation of certain outer rings of journal roller bearings, classifiable in tariff subheading 8482.99.17 (ITAC Report 660).

Publication details will be made available later

  • 26 April 2024 – Customs and Excise Act, 1964: Publication details for tariff amendment notice R4755, as published in Government Gazette 50550 on 26 April 2024, are now available.
  • 26 April 2024 – Value-Added Tax Act, 1991

Tax law – declaratory order – whether appropriate not considered by high court – narrow basis for entertaining application for declaratory relief in tax matters.

  • 29 April 2024 – Income Tax Act, 1962
  • 29 April 2024 – Income Tax Act, 1962
  • 30 April 2024 – South Africa recorded a preliminary trade balance surplus of R7.3 billion in March 2024. This surplus was attributable to exports of R164.1 billion and imports of R156.8 billion, inclusive of trade with Botswana, Eswatini, Lesotho and Namibia (BELN).

The year-to-date (01 January to 31 March 2024) preliminary trade balance surplus of R10.8 billion was an improvement from the R5.7 billion trade balance deficit for the comparable period in 2023. On a year-on-year basis, export flows for March 2024 (R164.1 billion) were 15.3% lower compared to R193.7 billion recorded in March 2023, whilst import flows were 15.2% lower having decreased from R184.9 billion in March 2023 to R156.8 billion in the current period.

On a month-to-month basis, exports increased by R2.9 billion (1.8%) from R161.2 billion to R164.1 billion between February and March 2024, whilst imports also increased by R9.0 billion (6.1%) from R147.8 billion to R156.8 billion over the same period. Export flows increased in March, driven by Gold, Coal, and Chemical Wood Pulp. Imports flows increased on the back of sizable increases in the importation of Petroleum Oils (Excluding Crude), Crude Oil, and Banknotes.

Due to ongoing Vouchers of Correction (VOCs), the preliminary trade balance surplus of R14.0 billion announced for February 2024 was revised downwards by R0.7 billion, with the final number at R13.3 billion.

See the full media release here.

  • 30 April 2024 – Achieving our Vision 2024 of a smart, modern SARS with unquestionable integrity that is trusted and admired is of paramount importance. Pivotal to the delivery of our vision are our digital platforms and technology infrastructure. To provide clarity and certainty, make it easy for taxpayers and traders to comply with their obligations and building public trust and confidence, our technology assets must demonstrate the highest levels of availability, robustness and security.

In accordance with our Vision and Strategic Objectives, which include modernising our systems to provide Digital and Streamlined online services, we are hard at work ensuring that our digital platforms and technology infrastructure are available, robust and secure, by performing regular upgrades, enhancements and maintenance.

Considering the above, SARS Digital platform upgrades are scheduled for :

Friday, 3 May 2024 from 18h00 to 20h00

Saturday, 4 May 2024 from 22h00 to 02h00 Sunday, 5 May 2024 .

During this time, you may experience intermittent service interruption on our eFiling, Tax and Customs Digital Platforms.

Responses (CUSRES messages) to transactions submitted during this time will be delayed.

Stakeholders are therefore urged to submit priority Goods Declarations (bills of entry) and Road Manifest by Saturday, 4 May 2024 @ 21h00.

SAFLII

SARB

National Treasury

OECD

AuthorSAICA
DivisionTax
Keywords
Legal and Policy - 2 May 2024
Categories
Legal and Policy
Date2 May 2024