Tag: verification

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”.

The South African Revenue Service (SARS) has been hinting at introducing a wealthy individual “specific asset” disclosure for some time – and it is finally here! As of the commencement of the 2023 Tax filing season, individuals holding assets valued at R50 million or more now need to provide a “high level” disclosure to SARS.

Don’t let your business be punished for, and by cyber fraud. As the business landscape rapidly evolves, a general awareness of security vulnerabilities is no longer enough. Cyber fraud, data and payment breach risks need to be managed urgently and strategically with the right tools. 

The rise in finance and accounting cybercrime through phishing and Business Email Compromise (BEC) has made headlines with massive implications for South African companies with gaps in their payment systems. However, robust financial controls together with strong server, IT, and email monitoring processes aren’t enough if staff aren’t savvy to the psychological tricks scammers use to manipulate people, making them more vulnerable to tricker and deception.

Given the number of fraudsters and chance-takers in today’s market, hesitancy on the part of the South African Revenue Service (SARS) is present and well-understood. Rather than simply handing out refunds to every VAT claimant without careful scrutiny, the SARS official appointed to the matter is obligated to correctly apply the law, even though it may take a little longer than expected.

Expatriate taxpayers awaiting approval of their non-resident status may be surprised to discover that South African Revenue Service (SARS) can track their flights into and out of South Africa. This is evident from the attached Request for Additional Supporting Documents letter, received by one of our clients.

Traditional payment fraud has been rife for some time, where the cybercriminal impersonates the CEO, or other senior member of staff, to convince the finance department to make an urgent payment to either a new supplier or update their bank details.