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.
Tax News
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.
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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.
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.
The potential implications if a taxpayer is seen to have dissipated its assets
By Lavina Daya (Edward Nathan Sonnenbergs) The Tax Administration Act No. 28 of 2011 (“Tax Administration Act”) deals with tax administration only and serves as a consolidated piece of legislation comprising of administrative provisions that are, as far as possible, common to all tax Acts.
Income tax notice raises new administrative risk for non-resident companies
Section 66 of the Income Tax Act No. 58 of 1962 (“the Act”) requires the Commissioner to give public notice annually of the prescribed time period within which persons who are liable to taxation under the Act must furnish their tax returns.