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SARS, NPA to go after taxpayers with outstanding returns

SA Flag

Cape Town – The South African Revenue Service (SARS) has embarked on a new initiative with the National Prosecuting Authority (NPA) to prosecute non-compliant taxpayers who have failed to submit returns. At the end of March 2018, active taxpayers owed SARS about 30 million returns. In many cases there are multiple outstanding returns due by…

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SARS undershoots revenue target by R0.7bn

Cape Town – The taxman collected R1.216trn in revenue for the 2017/18 financial year – R0.7bn or 0.06% lower than the R1.217trn target set by National Treasury. Finance Minister Nhlanhla Nene made the announcement at a briefing on the preliminary results at South African Revenue Service (SARS) headquarters in Pretoria on Tuesday morning. Acting commissioner…

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Sars ready to implement VAT increase

SARS SA

Johannesburg – The South African Revenue Services (Sars) on Tuesday said that it was ready to implement the increase in Value-Added Tax (VAT) from 14 percent to 15 percent on April 1, as announced by finance minister in February. “Sars teams have been working on changes to the systems which are used to receive VAT…

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The dark side of Budget 2018: VAT compliance

VAT 2018

Cape Town – It seems as though tax administration and compliance have taken a back seat in the ongoing struggle to fund the revenue shortfall, Marilize Neethling, tax consultant at Mazars, comments on Budget 2018. “In the past year taxpayers have experienced increased tax administration and compliance issues with the SA Revenue Service (SARS). Run…

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VAT Rate Increase

Budget

Please note that the VAT Rate has increased from 14 % to 15 % from 1 April 2018. Should you need any assistance to amend your bookkeeping software please call us to assist. View our latest 2019 Tax Calculator Here Calculator 2019

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Tax hikes not the option for SA economy

Tax Rate South Africa

Cape Town – Privatising SEOs, dropping NHI, exiting the BRICS development bank, selling Telkom shares and rejecting nuclear build are just some of the policy directions the DA believes government should take for Budget 2018. At a press briefing at Parliament ahead of the National Budget to be delivered on Wednesday, DA leader Mmusi Maimane…

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What nasty changes can taxpayers expect in the budget?

Tax Budget 2018

South Africans need clarity and certainty in terms of the energy sector when the finance minister delivers his 2018 budget speech next week Wednesday. Andrew Wellsted, head of Norton Rose Fulbright’s tax team, says the country needs a reliable energy supply, and the future source and cost have become critical. Questions plaguing many taxpayers are…

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‘Abolishment of medical tax credit could face legal challenge’

Medical tax

As government mulls its options to reduce expenditure while funding priority programmes, experts have warned that the abolishment of the medical tax credit could be highly problematic and may even face legal challenge in the absence of alternative solutions. Medical scheme members currently receive a medical tax credit of R303 per month for the first…

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