Dear Subscriber,

Tax Talk is delighted to inform you that since the launch of the Tax Talk Magazine our subscriptions have increased by an astonishing 488%!

Issue 2 of Tax Talk Magazine is offering the first 10 new subscribers a FREE memory stick containing all the 2006 Seminar Notes as well as a complimentary copy of Issue 1 if you have missed it.

WE HAVE 4 USB Memory Sticks left… so subscribers please fax in your forms from the magazine and subscribe today.

A subscription to Tax Talk gives you a Quarterly published Tax Talk Magazine; Full access to the Tax Talk Website (www.taxtalk.co.za), including subscriber restricted articles.

Don't forget that you have 24 hrs access to downloadable course material of all Tax Talk's tax educational events, including courses, seminars, workshops and symposiums, and a Weekly electronic newsletter, keeping you informed and up to date with tax related issues.

All you need is to login with your username and password to open the subscriber restricted areas. If you have forgotten what it is, drop us an email so we can send it to you.

Previously, the proposed amendments to Section 103 of the Income Tax Act were introduced on the Tax Issues programme on Summit TV. On Monday 05th June 2006 we will discuss the technical questions surrounding these amendments with Ernst Mazansky of Werksmans firm of attorneys.

Tax Issues is on every Monday at 20h40 and again at 22h40 on SUMMIT TV (DSTV CHANNEL 55.)

Until next time ...

Bonny Feldman - FNB Corporate Communications

A society that leaves the majority of its people out of the countrys economy is doomed to experience social and political unrest. ""When youre on the outside looking in and you see the success some people have, but youre denied access, youre definitely going to respond,"" explains Victor Kgomoeswana, the Manager of BEE Consulting Services at Deloitte.

Kgomoeswana explains that Nigeria is a good example of this. The countrys valuable oil resources are not in the hands of local people, and today foreign oil workers are being kidnapped and killed because of this situation.

Paul Jones - Tax Talk Magazine

When I was studying as a young man I remember one of my professors giving a lecture on the importance of being prophetic and revolutionary. That was nearly 25 years ago and I have never forgotten it. Prophetic, although complex and grossly misunderstood, is probably the easier of the two to understand.

"If you were picked by SARS today for an audit, would you be comfortable with your staff's understanding of the Constitution & Tax deal with an aggressive audit?"

Don't underestimate the methodical pursuit by SARS for information on potential tax risk areas that need to be audited on an ongoing basis in order to address the tax gap problem that has developed among South Africa Corporates. This presentation is an absolute must for any executive who is faced with the responsibility of addressing issues of taxation in a corporation. This presentation will provide attendees with an understanding of the effects of the Sabanes Oxley Act on the South African corporate in the areas of transactional risk, operational risk, compliance risks and reputation risks as well as provide methodologies of coping with an audit by SARS.

Come and find out how to comply with the latest tax legislation that will impact on your business at the local and international levels.

Some of the 7 Key Issues to be addressed include:
Taking a look at the most recent developments in anti-avoidance legislation
Analysing the implications of Capital Gains Tax (CGT)
Scrutinising transfer pricing

IAPA Johannebsburg Chartered Accountants (SA)

The use of a car allowance as a basis of claiming motor related costs is becoming very tax inefficient.

In the 2006 tax year the first 16000 kilometres travelled is deemed to be for private use, unless a log book is used.

In the 2007 tax year the first 18000 kilometres is deemed to be for private use. The net effect is that unless one is doing very high mileage i.e. in excess of 20000 kilometres per annum the tax claim against allowances will be minimal.

Tax Bulletin published by The Practical Tax Handbook - Fleet Street Publications (Pty) Ltd

Its official - this years filing season is open! SARS has mailed over 5.3 million tax returns to taxpayers and set the deadline for submission of these returns as 14 July. Diarise this date and make sure your return is in in good time. Remember, SARS imposes tough penalties and interest on the accounts of defaulting taxpayers, so stay on the right side of the law and save yourself additional costs and hassle.

Discover how you can save time and hassle this filing season.

From personal individual tax to significant company tax changes - the subject is a hotly debated issue throughout South Africa's corporate environment. Tax Issues - every Monday at 20h40pm and again at 22h40pm - demystifies some of the latest developments and issues being discussed in the corridors of power. Tax Issues will cover; The impact of pending new tax laws on individuals and companies, The capital gains tax debate, New SARS initiatives to collect tax Changes to tax benefits, The VAT vs personal tax debate.

Kerry Watkin - Tax Talk

When tax payers are confronted with revised assessments after a tax audit process, they inevitably face penalties of up to 200% plus Section 89 interest. Is there anything one can do to avoid such drastic action?

Tax Talk

Previously, the proposed amendments to Section 103 of the Income Tax Act were introduced on the Tax Issues programme. Join Daniel Erasmus on Summit TV Channel 55 this coming Monday when he will discuss the technical questions surrounding these amendments with Ernst Mazansky of Werksmans firm of attorneys.

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Contact Janine at
janine@taxtalk.co.za
(011) 476 5048