Tag: Tax Consulting SA
VDP the solution to underpayment of company VAT?
With the wave of anti-South African Revenue Service (SARS) sentiment currently washing over South Africa, paying historical value-added tax (VAT) may be a hard pill to swallow. This has resulted in many companies understating or underpaying their VAT and subsequently incurring colossal penalties in addition to the tax payable.
Tax dispute delay frustrations
A trend of increased delays and frustration with the South African Revenue Service’s (SARS’) dispute resolution process, are becoming apparent among taxpayers and tax practitioners alike.
Criminal sanction for tax return non-submission!
The South African Revenue Service (SARS) has created some nervousness in the South African tax base by embarking on an initiative to criminally prosecute taxpayers who fail to submit their tax returns. Whilst the threat of a criminal record and a fine ought to serve as sufficient incentive to submit one’s return, it is perhaps worth pointing out that submission of returns also gives taxpayers access to the Voluntary disclosure Programme (VDP), which affords acquittal from far more serious criminal sanctions.
The taxing question of Bitcoin
The big question on everyone’s lips however, is twofold: How will cryptocurrency be taxed by the South African Revenue Service (SARS) and what will the exchange control standpoint of the South African Reserve Bank (SARB) be?
