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New SARS rate per km & Subsistence amounts
- 28 February 2023
- Accounting
- South African Accounting Academy
The income tax notices, scheduled for publication in the Government Gazette, relate to the –
- fixing of rate per kilometre in respect of motor vehicles – section 8(1)(b)(ii) and (iii);
- determination of the daily amount in respect of meals and incidental costs for purposes of section 8(1)(c)(ii) (overnight allowance); and
- determination of the daily amount in respect of meals and incidental costs for purposes of section 8(1)(a)(ii) (daily allowance).
Publication details will follow in due course.
Click here to access and download the Notices:
Relevance to Auditors, Independent Reviewers & Accountants:
- The Income Tax Act is yet another piece of legislation that your clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
- As an auditor, independent reviewer, an accountant or tax practitioner, you need to be aware of the proposed changes to tax legislation that is brought about by the annual budget speech.
- As an employer and taxpayer, you also need to comply with the Income Tax Act in your workplace
Relevance to Your clients:
- An entity (company or close corporation) has a duty to comply with the Income Tax Act, and directors have to fulfil their duties accordingly, otherwise they could be held liable.
- It is important to be aware of the proposed changes to tax legislation that is brought about by the annual budget speech.
To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter:
https://accountingacademy.co.za/profession/monthly-legislation-update
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