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SARS eFiling is the official online tax returns submission portal for the South African Revenue Service launched originally under a different name and business model in 2000 [1] by private sector companies. These private sector companies charged an average fee of R46 per transaction for this service.
Effectively, SARS manages, administers, and implements the tax regime as designed by the Minister and National Treasury. SARS was established in 1997 by a merger of the customs and inland revenue departments, at the recommendation of the Katz Commission, which had been instituted to review the South African tax system for the post-apartheid era.
In recognition of these benefits, various arms of the South African government have embarked on a number of e-government programmes for example the Batho Pele portal, SARS e-filing, the e-Natis system, electronic processing of grant applications from remote sites, and a large number of departmental information websites. Also a number of well ...
Many different types of finance-related industries are required to file SARs. These include: [9] depository institutions (for example, banks and credit unions) securities and futures dealers (for example, stock brokers and mutual fund brokers) money services businesses (for example, check cashing services, currency exchange bureaus, and money ...
Sars efiling; South African Institute of Tax Practitioners; South African Revenue Service This page was last edited on 28 November 2012, at 14:32 (UTC). ...
Generally, SARS views profit on the disposal of any shares held for more than 3 years to be capital in nature. Example 2: Investments in Venture Capital (VC) Companies (so-called Section 12J Companies) are exempt from taxation at the time of the investment. After the period of investment the VC company will return the initial investment plus ...
This has led to the development of an AML industry dedicated to providing software for analyzing transactions in an attempt to identify suspicious patterns that qualify for reporting (for example, structuring, which requires a SAR filing). Financial institutions may face penalties for failing to properly file reports, including heavy fines and ...
I. Indian Revenue Service; Indian Revenue Service (Custom and Indirect Taxes) Indian Revenue Service (Income Tax) Indirect Taxation Authority of Bosnia and Herzegovina