The South African Revenue Service (SARS) says it has identified extensive non-compliance within the formal and informal cash merchants environment, which includes merchants in the fast-moving consumer goods (FMCG) wholesale and retail industry. SARS has identified 295 cash and carry entities involved in customs fraud, tax evasion, claiming of undue Value-Added Tax (VAT) refunds, illegal/illicit expatriation of funds off-shore, and 1792 outstanding tax returns and 130 entities have outstanding … [Read more...] about 295 cash and carry entities involved in tax fraud
tax
SARS to publish 2014 tax season notice
A public notice will be published in the Government Gazette this Friday - requiring employers to submit their payroll data to the South African Revenue Service (SARS) for the 2014 tax season. "Although the Employer Annual Reconciliation period must be filed by 30 May 2014, employers have been able to submit their Reconciliations from 1 April 2014, and since last month SARS has been reminding employers in writing that the submission period had begun," SARS said in a statement on … [Read more...] about SARS to publish 2014 tax season notice
Take your tax complaints to newly appointed Tax Ombudsman
Taxpayers' legitimate complaints, which are unable to be resolved through the South African Revenue Service (SARS) internal mechanisms, will now be reviewed and addressed by the newly launched South African Tax Ombud's Office. Officially launching the office on Monday, Finance Minister Pravin Gordhan said the Tax Ombud is an additional and free avenue to deal with complaints by taxpayers that cannot be resolved through SARS's internal mechanism. He said the Ombud's Office added to the … [Read more...] about Take your tax complaints to newly appointed Tax Ombudsman
SARS warns against fraudulent tax advisors
As the deadline for the submission of tax returns approaches, the South African Revenue Service (SARS) has appealed to taxpayers to exercise caution against "tax advisors" who guarantee them a tax refund. "SARS wants to appeal to all taxpayers to exercise caution if they are approached by tax advisors who guarantee them a tax refund on submission of their income tax returns. Anyone who guarantees a taxpayer a tax refund may be misleading them and should be avoided," said the revenue service … [Read more...] about SARS warns against fraudulent tax advisors
Think about the tax implications of renting out your home
The Property Poser experts have received a rather interesting tax-related query from a reader who rents out his home to officers from the diplomatic services from time to time. When their property is occupied, the reader and his wife go and live on a camping site, which is admittedly less comfortable than their own home but far less expensive. In this way they are managing to save a bit of money for their later years. There is still a small bond on the property and while they know that … [Read more...] about Think about the tax implications of renting out your home
SARS deadline looms
The South African Revenue Service (SARS) has reminded taxpayers that the submission of 2012 income tax annual returns (ITR12) by provisional taxpayers who use the eFiling system is on 31 January. Provisional taxpayers are a smaller segment of the country's tax base comprising any person who received income which does not constitute remuneration. January 31 is also the deadline for the payment of outstanding assessed tax by non-provisional taxpayers who filed their returns via eFiling, for … [Read more...] about SARS deadline looms
One good reason to stay in a low income area
The South African Revenue Service has vowed to enhance its tax collection laws in a renewed bid to target wealthy individuals who are said to be costing the country millions of rands every year through tax evasion. "We are going to be deploying resources towards getting these wealthy individuals who are abusing the trust. We will be getting to them, it's just a matter of time," Finance Minister Pravin Gordhan told reporters on Sunday. He was addressing the media on SARS performance on … [Read more...] about One good reason to stay in a low income area
This Could be the Truth About the Proposed Local Business Tax
I continue to fail to come up with a positive spin to the proposed Local Business Tax being mooted by SALGA and several city governments, who intend to submit applications (in terms of the MFPFA of 2007) to the Minister of Finance for the introduction of a new original revenue source for local governments. For days now I have failed in my hope to "fall into the light" and see my way clear to come out and say that the introduction of LBT would be a good thing. The reasons put forward for … [Read more...] about This Could be the Truth About the Proposed Local Business Tax
Record Number of Employers Submit Tax Returns
A record number of 235 882 employers have filed their annual reconciliations for the 2011 Tax Season for Employers, says the South African Revenue Service (SARS). This is compared with 212 969 employers that filed at the same time last year, SARS said on Thursday, following the end of tax season for employers on 3 June 2011. Employer declarations were accompanied by 14 817 176 IRP5 certificates, which contain important information on employees. The certificates are used to pre-populate the … [Read more...] about Record Number of Employers Submit Tax Returns
Fringe Benefits Tax Interest Rate Reduced
The official rate of interest for calculating fringe benefits will be reduced by 50 basis points to 6.5 percent, with effect from 1 March 2011. The South African Revenue Service said on Tuesday the reduction was due to amendments to the definition of the "official rate of interest" in the Seventh Schedule to the Income Tax Act, 1962, by section 90 of the Taxation Laws Amendment Act, 2010, coming into effect. The amended definition of "official rate of interest" provides that the official … [Read more...] about Fringe Benefits Tax Interest Rate Reduced
Budget Speech: Small Business Tax Incentives Overhaul
Finance Minister, Pravin Gordhan, announced various tax incentives for businesses particularly small and micro enterprises. Gordhan also announced plans to overhaul two failed tax incentives in a bid to make them more attractive to businesses. Presenting his Budget Speech in Parliament on Wednesday, Gordhan also introduced various tax proposals for businesses, which will help boost job creation. These include changes to the turnover tax for micro enterprises. The turnover tax for micro … [Read more...] about Budget Speech: Small Business Tax Incentives Overhaul
