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The significance of FICA compliance – why it matters to all...

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Despite being viewed as an administrative and burdensome expense with excessive paperwork sometimes causing potential delays to establishing business relationships and concluding transactions, Financial Intelligence Centre Act (FICA) compliance is more crucial than ever.

REPORT | Taxation of Africa’s digital economy is on the rise

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Twenty-one African countries have already enacted rules for non-resident suppliers to account for Value-Added Tax (VAT) / Goods and Sales Tax on electronically supplied services. The digital economy is more than just technology and the internet.

Draft Tax Law Amendments – what you need to know

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On 31 July 2023, National Treasury released their annual draft tax law amendments, for public comment. Although still at the draft stage, there are some pertinent proposed changes for which the supporting systems have already been implemented i.e., the “Beneficial Ownership Registers”.

SARB announces intention to declare cryptocurrency as a financial product

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The South African Reserve Bank (SARB) recently announced their intention to declare cryptocurrency as a financial product, which is in line with current worldwide trends as well as the Financial Sector Conduct Authority (FSCA) which published a draft declaration of crypto assets as financial products in 2020.

Rebuilding taxpayer confidence

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Instilling trust in taxpayers is vital to increasing tax collection. The South African Revenue Service (SARS) has announced that the 2022 tax season will open in July; a condensed filing season compared to 2021, which was extended due to the long-tail impact of the pandemic.

SARS’ ‘hit list’ to eradicate non-compliance

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When it comes to non-compliance, the South African Revenue Service (SARS) takes no prisoners, and has the full backing of the presidency, in its drive to stop tax evasion and other fraudulent activities related to the fiscus, with President Cyril Ramaphosa praising the revenue authority’s efforts in tackling tax dodgers and those benefitting from criminal proceeds.

Lifestyle audits – SARS answers the question of selective prosecution

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The question of 'Selective Prosecution' has been asked since 2007 when the South African Revenue Service (SARS) started using lifestyle audits on private individuals. The selection basis, was the means of the individual, in contrast to their standard of living, and was conducted on individuals where there was a suspicion of criminal activity.

As SARS rolls out smart collection, tax practitioners must respond

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As the SARS collection process becomes more technologically advanced, tax practitioners must advise clients to avoid tax evasion and remain compliant. SARS will soon become so efficient at detecting tax evasion and recovering hidden revenues, it will no longer be worth it to lie on returns.

SARS to ‘name and shame’ tax dodgers

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It seems the SARS Commissioner had an epiphany – make an example of delinquent taxpayers so others will fall in line. Apparently, following SARS’ media briefing on 30 July 2020, this is a deterrence tactic SARS will use in the coming filing season.

Towards a transparent system of beneficial ownership

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Financial crime in the world is a significant problem that South Africa and the global community have to deal with on a continual basis. A week hardly passes by where the media doesn’t report on a case involving alleged fraud, corruption or looting of funds that did not end up in the hands they were originally intended. This has the potential to devastate the economic balance.

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