SARS has issued a notice on 24 June 2022 whereby a registered vendor or representative vendor contemplated in section 46 of the Value-Added Tax (VAT) Act is required to update its VAT registration status where it has implemented a domestic reverse charge or supplied a valuable metal which is subject to the domestic reverse charge.
SARS has published the guide on individual income tax for the 2022 tax year. The purpose of this guide is to inform individuals who are South African residents of their income tax commitments under the Income Tax Act in preparation of the filing season commencing on 1 July 2022.
SARS has published the tax exemption guide for institutions, boards or bodies and their wholly-owned companies which provides general guidance on the exemption from income tax of qualifying wholly owned associations, corporations or companies of institutions, boards or bodies under section 10(1)(cA)(ii) of the Income Tax Act.
SARS has published issue 14 of the Guide on the Determination of Medical Tax Credits.
Interpretation note (“IN”) 121, published on 13 June 2022, provides guidance on the interpretation and application of section 12M which relates to the deductibility of a lump-sum amount paid by a taxpayer to or in respect of a former employee or dependants of that former employee for purposes of covering post-retirement medical benefits. The income tax implications of this benefit to the former employee...
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