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2024 Legal and Policy

Legal and Policy - 4 April 2024

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SARS

  • 28 March 2024 – Ad Valorem Excise Duty is payable on certain locally manufactured goods and goods imported of the same class or kind. Ad Valorem Excise Duty is determined in terms of Schedule 1 Part 2B, which specifies the goods on which duty is levied, each with its own applicable rate of duty. The policy and annexure have been updated to align with legislation.

SE-ADV-02 – Ad Valorem Excise Duty – External Policy

SE-ADV-02-A01 – Ad Valorem Value Determination – External Annexure

  • 28 March 2024 – South Africa recorded a preliminary trade balance surplus of R14.0 billion in February 2024. This surplus is attributable to exports of R161.8 billion and imports of R147.8 billion.

See the full media release here.

Or visit the Trade Statistics webpage.

  • 2 April 2024 – The South African Revenue Service (SARS) is pleased to announce its preliminary revenue collection outcome for the 2023/24 fiscal year.

SARS was established in 1997 and remains inextricably linked to the country’s democracy, now 30 years old. This link is premised on a pivotal role that SARS plays in fulfilling its legal mandate, often expressed as its Higher Purpose. The organisation is realising its Vision 2020-2025 of a SMART, modern SARS, that can be trusted and admired by all. Since its inception, SARS has collected R21.6 trillion in net tax revenues. Tax revenue collections have increased from R114 billion in 1994/95, at a compounded annual growth rate of 9.9% and an average tax-to-GDP ratio of 22.2%. To put this in perspective, our collections over the last 4 business days this fiscal year amounted to R114 billion or the total collected in 1995 for the entire year.

As at the end of March 2024, SARS collected a record gross amount of R2.155 trillion, year on-year 4.2% against the nominal GDP of 4.9%. SARS paid out refunds of R414 billion to taxpayers, the highest ever quantum in refunds compared to R381 billion in the prior year, representing growth of 8.6%. This brings the collected net amount to R 1.741 trillion which is almost R10 billion higher than the revised estimate and R54 billion more than last year’s R 1.687 trillion.

See the full media release here.

For more information, see:

For more information, contact SarsMedia@sars.gov.za

  • 3 April 2024 – SARS is striving to make it easy for taxpayers to comply with their obligations. As a result, we are automatically assessing a growing number of individual taxpayers. However, some may not have this benefit or, for various reasons, may need access to eFiling to validate the auto-assessments.

SARS has determined that many employees may not have access to the internet and that, given employers’ rules, some systems block access to SARS eFiling.

SARS would like to ask large employers or representative of large employers, to allow your employees to access SARS eFiling through the employer’s systems. Some employees’ only point of internet access is their work computer, so enabling your employees to transact with SARS online means that they do not have to take time off to visit a SARS branch.

SARS values your support and collaboration.

  • 3 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, 5 April 2024 from 18h00 to 22h00 and Saturday, 6 April 2024 from 20h00 to 22h00.

Customs Responses (CUSRES messages) to transactions submitted during this time will be delayed, however, arrival and exit management functions are available at land border posts for all released declarations and manifests.

Stakeholders are therefore urged to submit priority Customs Goods Declarations (bills of entry) and Road Manifest by Friday, 5 April 2024 @ 17h00.

National Treasury

ATAF

SAFLII

AuthorSAICA
DivisionTax
Keywords
Legal and Policy - 4 April 2024
Categories
Legal and Policy
Date4 April 2024