Government, parliamentary and legislative information on financial matters, including National Treasury and SARS.

Municipal Financial Reporting in the Spotlight

National Treasury

National treasury has introduced a standard chart of accounts for municipalities and municipal entities.

Municipal regulations on standard chart of accounts have been published in Government Gazette 37577.

VAT Exemption for Petroleum Exploration

South African Revenue Service

Goods imported into South Africa to be used for petroleum exploration are exempt from Value- Added Tax as from 1 January 2014.

The exemption notice was published in Government Gazette 37554.

ASB Releases Two Exposure Drafts

Accounting Standards Board

The Accounting Standards Board (ASB) has released two exposure drafts for public comment.

Reference to the drafts is published in Government Gazette 37553.