Preliminary outcome of the 2014 tax season
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 time – an increase from the 91.53% in 2013 A total number of 5.32 million returns were submitted by the deadline of 21 November 2014 99.91 % of returns were submitted electronically 94.98% of returns were assessed with
No Evidence Justifying Penalty
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 vendor in respect of Value-added Tax (VAT). It appeared that the vendor could not adequately explain, nor provide supporting documentation, in respect of discrepancies between its VAT declarations for the relevant pe
VAT Case Law: 1015: Whether the taxpayer was entitled to deduct input tax in respect of accommodatio
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 taxpayer’s principal place of business is Johannesburg. Certain of the taxpayer’s contracts for work in its areas of specialisation are obtained through open tender processes. When tendering for contracts, the
SME Auditing Options Explained
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 businesses decide which option to use. As a rule of thumb, SMEs should approach this issue with the end in mind. Knowing what is to be achieved by the process, weighing up stakeholders’ demands and the degree of
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