Convicted drug dealer and apartheid policeman Panganathan “Timmy” Marimuthu brought down disgraced tax boss Oupa Magashula after a series of dodgy meetings erupted into a jobs-for-pals scandal. The South African Revenue Service commissioner resigned this week after an inquiry found he had lied about his relationship with Marimuthu, who was convicted in 1992 of dealing in Mandrax and sentenced to three years in jail. Although his appeal failed, he never served the sentence.
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Probe prompts Sars boss’s resignation
Johannesburg – SA Revenue Service (Sars) commissioner Oupa Magashula has resigned following an investigation into allegations of misconduct, the Treasury announced on Friday.
Why Sars boss quit – Gordhan
Oupa Magashule. Photo: Simphiwe Mbokazi Related Stories Probe prompts Sars boss’s resignation Sars head’s resignation welcomed SARS boss quits over job probe Magashula resignation welcomed Johannesburg – South African Revenue Service (Sars) Commissioner Oupa Magashula has resigned following an investigation into allegations of misconduct – developments Finance Minister Pravin Gordhan has described as “regrettable and disappointing”.
Tax changes for trusts still under consideration
Nicole Paulsen and Danielle Botha, associates in the Tax Practice at Cliffe Dekker Hofmeyr Uncertainty regarding the future of trust tax regime. Proposed changes to tax legislation regarding trusts will not take place immediately, National Treasury has said.
Taxpayer’s Rights In Respect Of A Suspension Of Payment Of Tax
Author: Mareli Treurnicht Any taxpayer who wishes to object to or appeal against an assessment issued by the South African Revenue Service (“SARS”) must be aware that their obligation to pay any tax under that assessment is not automatically suspended by virtue of the submission of the objection or appeal itself. Any taxpayer who
The Tax Administration Act – Where’s The Redress For Taxpayers?
Author: Johan van der Walt (Cliffe Dekker Hofmeyr) The Tax Administration Act, No 28 of 2011 (TAA) took effect on 1 October 2012. At a recent TAA conference the first question asked was how taxpayers and advisers could get the South African Revenue Service (SARS) and officialdom to abide by timelines and to follow prescribed procedures. And what are the remedies should
Tax Controversy Some Controversial Issues
Author: Ernest Mazansky (Werksmans) Tax controversy has become a fairly common term to refer to what is, in reality, nothing more than a factual or legal dispute with the tax authorities and how these are to be handled in terms of the legal rules regarding taxation.
What do Apple, Google and Starbucks have in common?
by Ingé Lamprecht Managing tax base erosion and profit shifting in a new world order. What do Apple, Google and Starbucks have in common? The US? Right. Adored by many South Africans? Right again. Moreover, these companies have all recently been under fire for not “paying their fair share” of taxes, especially in the UK. Yet they have all emphasised that they are following the tax laws to the letter.
When can SARS re-characterise contractual arrangements for taxation purposes?
Tax planning structures normally involve multiple parties. Sometimes the individuals and/or legal entities involved are inter-connected. The tax benefits generated through such structures, almost without exception, annoy revenue authorities. SARS, in setting out to extract the tax it believes to be owing, occasionally runs
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.