Industry updates | January 2024
Please take note of the following industry updates that may be relevant to you and your business.
COMPLIANCE AND ADMINISTRATION
Due dates for reporting and payments- January 2024:
TAX ADMINISTRATION
1. Beneficial ownership – CIPC
It is now mandatory for a Company, Closed Corporation and Trust to disclose its beneficial ownership/ shareholder and shareholding information to CIPC. This is done via BizPortal or the CIPC website. Fines will be levied for any entity that does not comply. Please ensure that you are compliant sooner rather than later.
2. SARS officially hands over non-compliant taxpayers to debt collectors.
On 15 November 2023, SARS notified all recognised controlling bodies and tax practitioners that they have officially started handing over non-compliant taxpayers to debt collectors as was communicated and planned in July 2023.
Taxpayers can check the list of third-party debt collectors should one of the third-party debt collectors contact them.
SARS had indicated that only debts older than five (5) years would be handed over to third-party debt collectors. However, on 17 November 2023, SARS announced that debts older than three (3) years would now be handed over to third-party debt collectors.
3. Provisional taxpayers must submit their 2023 income tax returns to SARS by the 23rd of January.
Provisional taxpayers are reminded to submit their 2023 income tax returns to SARS by no later than the 23rd of January 2024. Please ensure that your returns are submitted on time to avoid SARS issuing administrative penalties and interest.
4. The 2024 Tax year-end is fast approaching.
The 28th of February will see the end of the 2024 tax year. As we prepare for year-end please also be reminded that individual provisional taxpayers as well as all companies with a February year end are required to submit their second provisional tax return for the 2024 tax year, to SARS. Don’t leave your preparations and submissions to the last minute and please ensure that same are within the prescribed ranges in terms of actual turnover for the full year.
- Domonique Ramos | 8 January 2024