R30 Million Worth Of VIAGRA Seized at ORTIA
Pretoria, Friday 18 May 2018 – Customs officials of the South African Revenue Service (SARS) have seized 437kg of male sexual enhancement pills (Viagra) with a street value of R30-million. Read more ..
Currency Worth Close to R2 MILLION Seized at CAPE TOWN INTERNATIONAL AIRPORT
Cape Town, Saturday 12 May 2018 – SARS Customs officials at Cape Town International Airport confiscated $156 850 (about R1 946 802) which was hidden in the luggage of a South African man en route to Dubai. Read more ..
Trade Statistics for March 2018
30 April 2018 – The South African Revenue Service (SARS) today releases trade statistics for March 2018 recording a trade balance surplus of R9.47 billion. Read more ..
New electronic reporting requirements for Customs clients
Pretoria, 20 April 2018 – This weekend the South African Revenue Service (SARS) will introduce a new electronic cargo reporting system which will be able to track the movement of cargo coming into and leaving the country.
The paperless cargo reporting system will bring an end to one of the last remaining paper-based processes in SARS. It will provide Customs officials with the capability to track goods from beginning to end. Read more ..
SARS, NPA to prosecute taxpayers for outstanding returns
PRETORIA, 16 April 2018 – The South African Revenue Service (SARS) has embarked on a new initiative with the National Prosecuting Authority (NPA) to prosecute non-compliant taxpayers, including prominent South Africans, who have failed to submit returns.
Taxpayers who are found guilty will end up with a criminal record. Read more ..
2017 / 2018 Seized goods Infographic
From 1 April 2017 to 31 March 2018, Customs officials seized illicit/illegal goods to the value of close to R2.4 billion.
The attached infographic details some of the stats:
SARS’s stance on the tax treatment of cryptocurrencies
PRETORIA, 06 April 2018 – The South African Revenue Service (SARS) will continue to apply normal income tax rules to cryptocurrencies and will expect affected taxpayers to declare cryptocurrency gains or losses as part of their taxable income.
The onus is on taxpayers to declare all cryptocurrency-related taxable income in the tax year in which it is received or accrued. Failure to do so could result in interest and penalties. Read more ..
All systems go for Sugary Beverages Levy
28 March 2018 – SARS is ready to implement the Sugary Beverages Levy (SBL) which comes into effect on 1 April 2018. Read more ..