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2024 Legal and Policy

Legal and Policy - 22 August 2024

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SARS

· 15 August 2024 – Income Tax Act, 1962

· Interpretation Note 133 – Income tax exemption: Water services provider

· 15 August 2024 – The Policy on Valuation of Imports has been updated to reflect legislative amendments. To affect these updates, the following sections have been removed from the policy:

· The value specified in Schedule 1 Part 2B shall, in respect of imported goods, excludes goods entered in terms of item 412.18 of Schedule 4.

· Reference to incomplete declaration documents because the declaration processing system will not allow an incomplete declaration.

  • 15 August 2024 – Customs and Excise Act, 1964: The tariff amendments notices, scheduled for publication in the Government Gazette, relate to the amendments to –

· Part 1 of Schedule No. 1, by the insertion of Additional Note 7, the substitution of tariff subheadings 8704.10.20 and 8704.10.30 to increase the general rate of customs duty on articulated dump trucks with a gross vehicle mass exceeding 50 tonnes from free of duty to 10% and the substitution of tariff subheading 8704.10.25, to amend the description by the insertion of “Other,” (ITAC Report 688);

· Part 1 of Schedule No. 1, by the insertion of tariff subheading 8716.90.40 to provide for a reduction in the general rate of customs duty on automatic slack adjusters from 15% to free of duty (ITAC Report 680);

· Part 1 of Schedule No. 1, by the substitution of tariff subheadings 7215.10, 7215.50 and 7228.50 to increase the rate of customs duty on certain bars and rods of steel, whether or not alloyed, not further worked than cold-formed or cold-finished from free of duty to 10% (ITAC Report 658);

· Part 1 of Schedule No. 1, by the substitution of tariff subheading 8708.22 and the insertion of tariff subheadings 8708.22.10 and 8708.22.90 in order to increase the general rate of customs duty on front windscreens (windshields) from 20% to 30% (ITAC Report 712);

· Part 1 of Schedule No. 1, by the insertion of tariff subheading 3926.90.89 to reduce the general rate of customs duty on stemming plugs for mining and civil blast holes from 20% to free of duty (ITAC Report 665);

· Part 1 of Schedule No. 3, by the deletion and insertion of various rebate items under rebate item 316.17 to exclude the importation, under rebate, of other electric conductors for a voltage not exceeding 1000 V, fitted with connectors, classifiable under tariff subheading 8544.42 (ITAC Report 727); and

· Part 2 of Schedule No. 4, by the insertion of rebate item 460.02/0712.20/01.06 and the substitution of the header for rebate item 460.02 to provide for a temporary rebate facility for the importation of onion powder classifiable under tariff subheading 0712.20 (ITAC Report 698).

Publication details will be made available later

  • 15 August 2024 – Trade testing has been extended until 30 August 2024 for the Two Pot Retirement system.

Trade testing commenced on 1 July 2024 and has been extended to 30 August 2024. Please note that the current trade testing link will remain active for trade testing and the NCTS mailbox will remain open until the 30th of August 2024.

The SARS go live as scheduled for Friday 16 August 2024, requires that all submissions for trade testers and ISVs to SARS are done by 15:00 on 16 August 2024. Any submission after this cut off time will be rejected. Processing of files submitted before 15:00 will be as per normal. ISV submissions can commence again after the software implementation on 16 August 2024. Please note all ISV submission to SARS after this release has to be on IBIR-006 Tax Directives interim Interface Specification Version 6.704.

Please follow these steps to submit test files:

Step 1: Before testing can commence, you will need to email 10 taxpayer reference numbers to ncts@sars.gov.za to ensure the numbers are active. In the email subject line, use “Tax reference numbers for Trade Testing”. A maximum of 10 taxpayer reference numbers will be allowed.

Step 2: You will be notified via the same email address to confirm when testing may commence.

For trade testing queries please email ncts@sars.gov.za.

Refer testing queries to SARSTradeTesting@sars.gov.za with the subject ‘Medical Trade Testing’.

For more information, see the Third Party Data Submission Platform webpage.

  • 19 August 2024 – The state provides state warehouses for the safekeeping of goods. These are managed by Customs. The purpose of this list of unentered goods is to notify the importer, exporter and any other person that has interest in the goods that the goods have been taken up into the State warehouse and if they remain unentered they will be disposed in accordance with the provisions of the Customs & Excise Act.

See the latest Customs Weekly List of Unentered Goods here.

  • 20 August 2024 – As part of our commitment to provide taxpayers and traders with clarity and certainty and making it easy for them to comply with and fulfil their tax obligations, we are bringing you a monthly digital column, see the Monthly Tax Digest – August 2024 issue.
  • 21 August 2024 – Did you know that if you have made a mistake on your submitted Income Tax Return, you can revise and resubmit it? To correct an initially submitted Income Tax Return, use the “Request Correction” function on eFiling to submit an updated return to SARS. Use this function if a mistake was made during the completion of the initial return. However, note that a request for correction will not be permitted in the following instances:
  • The return is in an issued or saved state.
  • There is an active verification in progress for the request.
  • An active audit case is in progress.
  • An agreed estimate was performed by SARS for Personal Income Tax.
  • SARS has finalized an audit case or a Revised Declaration of your Personal Income Tax.
  • You have submitted supporting documents for an active verification.

Once you submit the Request for Correction, the eFiling status will change to “Correction Filed.”

  • 21 August 2024 – Income Tax Act, 1962, and Estate Duty Act, 1955
  • 21 August 2024 – You are cordially invited to join webinar on the Two-Pot Retirement System on 22 August 2024.

The “two-pot” system was established by The Revenue Laws Amendment Bill (the Bill) Through this system, you will have access to a portion of your retirement savings without you needing to cash out or resign from the entire pension fund. The Bill that was signed into law by President Cyril Ramaphosa, changes the retirement-fund landscape and will take effect from 1 September 2024.

This webinar will educate taxpayers about the implementation of this retirement reform, its savings-withdrawal benefit, and the implications for taxpayers’ retirement funds.

SARS’s strategic objectives are to give taxpayers clarity and certainty about their obligations, and to make it easy for them to comply. SARS invites you, an important stakeholder, to join the webinar, and to extend the invitation to other interested parties.

Details of the webinar:

Topic: Two-Pot Retirement System Reform

Date: Thursday, 22 August 2024

Time: 17:00–19:00

YouTube: https://youtube.com/live/Y4CDHbq-nWU?feature=share

The session will give you an opportunity to have your questions answered. The webinar will be recorded and published on the SARS TV YouTube channel afterward

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ATAF

NATIONAL TREASURY

AuthorLegal and Policy
DivisionTax
Keywords
SARS
National Treasury
ataf
Categories
Legal and Policy
Date22 August 2024