Tag: Voluntary Disclosure Program (VDP)
Taxi industry and the complexity of tax compliance
The South African taxi industry, a cornerstone of the nation's transport landscape, has long been under scrutiny for its apparent underpayment of taxes. However, a closer examination reveals a more complex reality. In 2021, the industry paid only R5 million in annual Corporate Income Tax (CIT). This is a small amount compared to the industry’s estimated annual revenue of R90 billion.
The new R50 Million asset disclosure – SARS’ due diligence or...
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.
Provisional tax penalties – an attorney’s nightmare
Provisional tax season brings with it the heightened panic of many taxpayers upon the discovery of penalties and interest suddenly imposed by SARS. The disgruntled taxpayer seeks immediate recourse through his attorney, hoping for some sort of justice to be served, but alas the attorney is worn down by complex tax calculations, the onerous and incessant engagement with the South African Revenue Service (SARS) and the ambitious endeavours to deliver a favourable outcome to their client.
National Treasury takes a view on financial emigration
South Africa has been bleeding skills in recent years. A top reason being the punitive 'expat tax' regime promulgated in December 2017, and effective 1 March 2020.
SARS payroll audit danger
On 1 February 2020, the South African Revenue Service (SARS) released an exciting media statement, indicating that the revenue authority has embarked on a journey to reinvent SARS.
