Durban businesswoman was punished for making a voluntary disclosure to the SA Revenue Service.
Tag: SARS
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.
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.
Commissioner's discretion to levy or remit penalties under the Tax Administration Act
The Tax Administration Act 28 of 2011 (“TAA”) which came into effect on 1 October 2012 (bar a few specific sections) introduced two types of penalties, namely administrative non-compliance penalties and understatement penalties.
Sars eyes global companies' tax structures
The South African Revenue Service (Sars) said this week that it plans to increase its scrutiny of multinationals when it comes to tax compliance, particularly with regard to transfer pricing and double taxation, which it has identified as a problem.
SARS Consults On Thin Capitalization Rules
The South African Revenue Service (SARS) is consulting on a draft interpretation note to provide taxpayers with guidance on the application of the arm’s length basis in the context of determining whether a taxpayer is thinly capitalized and, if so, calculating taxable income without claiming a deduction for the expenditure incurred on the excessive portion of finance.
Most of your tax money well-spent – Gordhan
PRETORIA – Minister of Finance Pravin Gordhan attempted to reassure South Africans that most of the money collected through taxes is being used for the correct purposes. At a media briefing on Tuesday, held to share the preliminary outcome of revenue collection for the 2012-13 financial year, Gordhan said that South Africans are asking that their money be well-spent and rightly so.