Tag ArchivesSARS

Minister Malusi Gigaba

Minister of Finance requests setting up of inquiry into SARS

The Minister of Finance Malusi Gigaba has approached President Jacob Zuma for an urgent establishment of an inquiry into the tax administration and governance of the South African Revenue Service (SARS). The President has acceded to the request. In a statement this afternoon, the Minister said that the Commission will be established soon and its […]

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Mike Teuchert, National Head of Taxation at Mazars

Tax increases may not be enough

The possible tax increases hinted at during last week’s Medium Term Budget Policy Statement (MTBPS) are likely to do very little to decrease Treasury’s R50.8 billion revenue shortfall – and may in fact ensure that even less revenue is collected next year. (more…)

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Joon Chong,Webber Wentzel

TAX: Understatement penalties for gross negligence

By Joon Chong, Partner, Tax Practice and Hillary Botha, Candidate Attorney at Webber Wentzel The Tax Court handed down judgement on 18 August 2017 in the case of ABC Proprietary Limited v C: SARS. The case primarily deals with understatement penalties in respect of both Value-Added Tax (VAT) and income tax defaults, in terms of […]

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Figures announced by SARS for SVDPs

The South African Revenue Service (SARS) announced on Tuesday 10 October 2017, that with the close of the Special Voluntary Disclosure Programme (SVDP) on 31 August 2017, over 2,000 SDVP applications were made and a tax liability of R1,181,734,842 had been calculated. (more…)

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Monarch&Co---Pic---James-Bowling---CEO1

Will SA’s 183-day tax exemption rule be overturned?

On 18 August, the window period to submit public comment on the South African Revenue Services (SARS) and National Treasury’s amended draft tax law proposal to overturn the 183-day tax exemption rule, closed. “Therefore, South African tax resident employees working outside South Africa (SA) in low-tax or tax-free jurisdictions like Mauritius, Singapore, Cayman Islands and […]

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Evergreen Lifestyles on retirement villages

SARS working hard to swing perception and collect taxes

The media recently reported that the October 2017 Medium Term Budget Policy Statement (MTBPS) could hold nasty surprises for taxpayers on tax collection shortfalls. There have also been rumours of state capture spreading into more parts of government. As a result, one should consider SARS’ accountability, writes Ferdie Schneider, National Head of Tax, BDO South Africa. (more…)

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Paul Leonard

Paying the taxman

By Paul Leonard CFP®, Regional Head: E Cape, Citadel. Tax season – the period during which you are required to submit your annual income tax return – started on 1 July and is now in full swing so I thought it would be interesting to look at how long we work for the taxman in […]

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Ruaan Van Eeden

SARS: Last opportunity for clients to disclose their offshore assets

The current Special Voluntary Disclosure Programme (SVDP) for the disclosure of information about assets held offshore, which ends on 31 August 2017, is more significant than previous disclosure initiatives, and financial advisors should encourage their clients with offshore assets to participate. (more…)

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