The government is gearing up to rake in a bigger share of multinational corporations’ profits. The Treasury and SARS yesterday invited public comment on their “Proposed limitations against excessive interest tax deductions” [excessive deductions of interest from taxable income].
Author: Nyasha Musviba
Taxman tightens noose in cash hunt
Last year, SARS collected R12-billion less than its initial target. New regulations to gather more “intelligence” from third parties are set to pull the noose tighter around tax-evaders and those who simply keep sloppy records.
Customs search procedures are declared unconstitutional
Source: Candice Collins Under the Customs and Excise Act, 1964 (Act) invasive searches of houses and business premises that are not designated premises are permissible and a High Court has declared a law allowing such searches unconstitutional and void. On 8 April 2013, the Western Cape High Court in the matter of Patrick Lorenz Martin and Gaertner and 2 Others v The Minister of Finance, Commissioner: SARS
Venture capital: A sensible investment?
By Ingé Lamprecht Despite sizeable potential returns and tax benefits associated with specific venture capital investments, individuals (and even institutional) investors seem to be somewhat reluctant to put their money into this asset class.Erika van der Merwe, chief executive officer of the South African Venture Capital and Private Equity Association (SAVCA), says there is a degree of frustration amongst venture capital members, that there is no institutional investment in this asset class.
Wider powers for Sars a wake-up call
Sars has gazetted far-reaching new regulations that will give it access to a greater range of third-party information it can use to cross-check returns submitted by taxpayers.”These new regulations will greatly enhance Sars’ ability to verify the accuracy of information submitted by taxpayers,” says Ettiene Retief, chairperson of the National Tax and Sars Stakeholders Committees at the South African Institute of Professional Accountants (Saipa). “It’s a clear indication that Sars is getting more serious about collecting the tax monies due to it.”
Sars punished Mpisane for honesty
Durban businesswoman was punished for making a voluntary disclosure to the SA Revenue Service.
Welcome to SA Tax Guide News
This blog is still being updated. More information can be found on www.sataxguide.wordpress.com
Update on carbon tax in South Africa
In south Africa, the National Treasury today (May 2, 2013) publishes the Carbon Tax Policy Paper, Reducing greenhouse gas emissions and facilitating the transition to a green economy for public comment. This step is considered to be a critical before the South African’s government be able to have a go ahead with the publication of draft legislation giving effect to carbon taxes for first January 2015.
Top 10 tax tips
Although the tax filing season for individual taxpayers is still some way off, getting your ducks (and documents!) in a row in the meantime can save a lot of time and effort when July 1, 2013 finally arrives. A number of legislative changes could have an impact on individual taxpayers in the 2013 tax year.
Sars targets super-rich tax dodgers
By BHEKI MBANJWA Durban – South Africa has 2 300 super-rich individuals, and many are under the taxman’s spotlight for dodging taxes. In the past 12 months, 280 High Net-Worth Individuals (HNWIs) underwent tax compliance reviews and analysis and 109 of them were identified as high risk, and earmarked for a full audit, the SA Revenue Service (Sars) has revealed. The agency said it had concluded 62 full audits of these multi-millionaires, yielding R184 million – with 14 of them viewed as potential serious offenders because of their large, outstanding returns.