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.
Tax News
Recognition of the controlling bodies of tax practitioners?
The Tax Administration Act, 2011, has been amended to require tax practitioners to register with a recognised controlling body by 1 July 2013, in addition to the existing requirement that they register with SARS. This amendment is intended to provide a framework that will ensure that tax practitioners are appropriately qualified and that a mechanism is available, both to taxpayers and SARS, to address misconduct.
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.
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
Madonsela successfully challenges SARS
Public Protector Thuli Madonsela has successfully challenged the SA Revenue Service’s (Sars) taxation of compensation paid to the estate of a deceased civil servant, her office said on Wednesday.
Taxman always rings twice
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].
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