by Northbound | Dec 1, 2023 | Tips from Northbound
As part of an independent review or compilation agreement, the preparer of the financial statements is likely to capture journal entries in the software used. These entries result in the ledger balances being different from what was sent to the preparer by the...
by Northbound | Dec 1, 2023 | Tips from Northbound
Background On 1 December 2023, the South African Revenue Service (hereafter referred to as “SARS”) will implement a new advance payment notification requirement. The Advance Import Payment (AIP) Notification as part of the Advance Payment Notification (APN) project is...
by Northbound | Nov 1, 2023 | Tips from Northbound
South Africa operates a VAT system whereby businesses (vendors) are allowed to deduct the VAT incurred on business expenses (input tax) from the VAT collected on the supplies made by the business (output tax). The most important document in such a system is the tax...
by Northbound | Nov 1, 2023 | Tips from Northbound
VAT vendors who make taxable supplies of goods or services are obliged to issue tax invoices to the recipients of such supplies within 21 days of having made such a supply. A valid tax invoice is of utmost importance because without such a document a vendor, being the...
by Northbound | Nov 1, 2023 | Tips from Northbound
In previous financial years, there was no limitation on utilizing an assessed loss against current year taxable income. A new proposal was enacted in terms of the Taxation Laws Amendment Act of 2021 and came into effect for years of assessment ending on or after 31...
by Northbound | Oct 3, 2023 | Tips from Northbound
Additional requirements are needed in order to submit a trust income tax return to the South African Revenue Service Since August 2023, the South African Revenue Service (hereby referred to as “SARS”), have introduced additional requirements for us to submit a trust...
Recent Comments