The latest South African accounting, tax, payroll and business finance news, with practical insights for your business.
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Financial compliance
The SARB is inviting comment on a proposed Synthetic Financial Centre framework. Although it is not yet law, affected institutions should begin assessing the potential accounting, tax and control implications of managing qualifying offshore portfolios from South Africa.
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SARS has expanded its Global Minimum Tax administration to cover information exchange, GMT03 declarations, payment processing, assessments and penalties. South African entities within affected multinational groups should confirm their local responsibilities and internal controls.
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SARS has updated its Automatic Exchange of Information reporting environment to support CRS Schema 3.0. Reporting financial institutions should review data, due-diligence and submission controls before their next filing.
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SARS has introduced enhancements to South Africa’s automatic exchange of information reporting framework. Financial institutions and affected service providers should review their data, due diligence and reporting processes before the next submission cycle.
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SARS has issued new guidance explaining how social media influencers and content creators should treat cash, barter benefits, platform income, provisional tax, VAT and business records.
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