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SARS_Updated Guide for Tax Rates/Duties/Levies
- 12 September 2023
- Accounting
- South African Accounting Academy
Contents:
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Corporates
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Personal income tax (natural persons and special trusts for the 2017 and subsequent years of assessment)
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Trusts
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VAT
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Transfer duty
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Security transfer tax
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SDL
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UIF contributions
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Withholding taxes
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Capital taxes
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Dividends tax rates
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Ordinary customs duty
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Specific Excise duties on locally manufactured or on imported goods of the same class or kind
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Ad valorem excise duties on locally manufactured or on imported goods of the same class or kind
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Air passenger departure tax
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Environmental levy
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Fuel taxes
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Diamond export levy
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Export duty
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Health Promotion Levy on Sugary Beverages
Click here to download the Updated Guide:
Relevance to Auditors, Independent Reviewers & Accountants:
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There are various types of tax legislation (e.g. income tax, VAT, SDL, UIF, excise duties, etc.) 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.
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As an auditor, independent reviewer, accountant and tax practitioner, you need to be aware of the latest guides and other publications issued by SARS.
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Tax practitioners play a critical role in bridging the gap between taxpayers and SARS. As legislation, regulations and tax law are continuously changing and evolving, it is of utmost importance for companies and tax practitioners to keep abreast of such changes in so that companies continue to meet their tax obligations.
Relevance to Your Clients:
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Entities and individuals have a duty to comply with the Income Tax Act.
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Individuals need to know how to account for various taxes using the correct rates, duties and levies.