The South African Revenue Service (SARS) has again recorded consistent growth in the levels of tax compliance in the country with 5.32 million income tax returns submitted during the 2014 tax season.

 

Highlights:

 

94.49% of eligible taxpayers submitted returns on...

Judgment was handed down in the Tax Court on 18 November 2014 in the case of AB (Pty) Ltd v The Commissioner for the South African Revenue Service(case number 1132, as yet unreported).

In this matter the South African Revenue Service (SARS) audited and assessed a vend...

Background:

 

The taxpayer objected to the VAT assessments because certain input tax claims were disallowed.

The taxpayer is a company that specialises in the sinking of shafts and the development of underground structure, used in mining and hydropower applications. The t...

One of the most important considerations for SMEs is the decision between having its financial results audited or subject them to an independent review. In general, the independent review is likely to cost less, but costs should not be the main determining factor when...

If you’re running a small business, you might feel overwhelmed by the many regulatory bodies and requirements in South Africa. From labour laws and tax regulations to municipal bylaws, health and safety regulations and consumer protection laws, you’ll be spending a gre...

Movies are a great source of inspiration, and while there is no dearth of good fictional movies, what really inspires me are biographies. Fiction requires a powerful imagination and have strengths of their own, but true stories are the ones that make the real kill.

 

...

A productive week depends largely on what you focus on every working day and how much time you allocate to activities that take up your time (i.e. busy work). Working harder does not necessarily mean you are being productive. There will always be a better way to comple...

We are often spoken of as an economy with high levels of debt. Even when interest rates are high, we have never been scared of gearing ourselves so that we can buy that expensive car or holiday house in Hermanus. Companies too often have high levels of debt.

 

In additio...

Proposed statutory amendments to widen the information gathering powers of the South African Revenue Service (Sars) could have significant time and cost implications for taxpayers.

 

There are also concerns that it may infringe on taxpayers’ rights in specific cases.

...
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