The SA Revenue Service (SARS) has been granted permission to seize five properties belonging to Shauwn and Sbu Mpisane, it was reported.Mpisane’s firm had history with tax returns Mpisane’s firm had history with tax returns. Mpisane lawyers accuse prosecution of suppressing information Mpisane lawyers accuse prosecution of suppressing information The five properties were in a trust which would be held by SARS pending the outcome of an ongoing investigation into the couple’s business and personal financial affairs, The Mercury reported.
Tag: Income tax
Safeguard Against Penalties With A Tax Opinion
South African Revenue Services (SARS) may raise understatement penalties if prejudice has been caused to them or the fiscus. Penalties can be imposed at 25% or 50% in the case of a ‘substantial understatement’. There are however circumstances when, notwithstanding that the taxpayer has erred, SARS will remit the penalty if the taxpayer is in possession of an opinion by a registered tax practitioner.
How tax can affect your residential property investment
Returns, pitfalls and tax breaks in a nutshell Tax can make or break the potential returns from an investment in residential property. To benefit from possible tax breaks while avoiding the pitfalls, investors should be aware that different investment vehicles can significantly increase or reduce their tax liability. In this article we focus on the purchase of property for the purpose of earning a return rather than for use as a primary residence.
Do you know your rights as a taxpayer?
Concern over lack of remedies when Sars oversteps. Despite constructive regulatory changes in the tax administration environment, there are concerns about the lack of cost effective remedies for taxpayers in cases where the South African Revenue Service (Sars) fails to comply with its obligations.
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.
When can Sars allege 'intentional tax evasion?
Johan van der Walt, Director, Tax, Cliffe Dekker Hofmeyr Understatement penalty explained. The Tax Administration Act, No 28 of 2011 (TAA) introduces the ‘understatement penalty’ in Chapter 16. Section 223 contains an ‘understatement penalty percentage table’. According to the Sars Short Guide on the TAA (Guide) the penalty will be determined by locating each case within the table that assigns a percentage to objective criteria. Sars carries the onus of proving that the grounds exist for imposing the understatement penalty.
Double taxation a headache for SA corporates
By Ingé Lamprecht African countries are turning to tax collection. JOHANNESBURG – After a number of years where some African countries have generally focused on attracting investment, developing infrastructure and creating jobs, a number of countries are now turning their attention to tax collection in an effort to supplement their state coffers.
Western Cape SARS Stakeholder Meeting: Minutes
On Wednesday the 20th of March, SAICA and SAIT had a meeting with the SARS to discuss operational issues raised by our Western Cape members. The meeting was very interactive and valuable insights were obtained from both the bodies and SARS.
SARS – Small business amnesty letters
SARS is in the process of issuing letters to taxpayers whose applications for Small business amnesty has been denied.