Dear Subscriber,

Daniel Erasmus specialist tax attorney presented a paper on "If your organization was picked by SARS today for an audit, would you, as the person responsible for tax matters, be comfortable dealing with this? 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 African Businesses". This talk was presented as a workshop at the annual SAPICS 2006 Conference, at Sun City on the 7th June 2006.

We note that you were unable to attend this very important talk.

We are providing our subscribers the opportunity to get a copy of the full notes on Strategic Tax Risk Management and your Constitutional Rights as a Taxpayer by Daniel Erasmus, please contact Razaan Mohamed on (011) 476 5048 or razaan@danielerasmus.co.za to have a copy emailed to you.

On Monday tax lawyer Pierre du Toit was interviewed about the perceptions in the market when it comes to tax audits. We refer you to the full write up on the tax talk website entitled: "The fear factor involved in tax audits - is it just a perception?"

Tax Issues discusses incentive schemes in the work place on Monday 26th June 2006 with tax lawyer Kerry Watkin. What are the tax issues involved with incentive schemes in the work place?

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

If you are not yet subscribed and you would like a copy of the Tax Talk Magazine to keep you informed, email us your postage details and we will be happy to provide you with a complimentary copy of Issue 2 so that you can see first hand the resourceful information that is being published.

Please email: neo@taxtalk.co.za for a copy.

Until next time ...

David Grawitzky - IAPA JOHANNESBURG CHARTERED ACCOUNTANTS

A tax amnesty for small business has been announced. Amnesty applies to any natural persons; trusts, close corporations and unlisted companies where individuals hold all the shares.

The amnesty applies to income tax, employees tax, VAT, STC, UIF and Skill development levies.

Where amnesty is applied for and granted the applicant will not be liable for any additional tax, penalty or interest and will be immune from any criminal prosecution.

Pierre Du Toit - Tax Talk

What is general market perception when it comes to SARS’s tax audits? Are these audits something to fear or not? Daniel Erasmus spoke to tax lawyer Pierre du Toit about this question on the programme Tax Issues, broadcast on Summit TV on Monday night.

How do you deal with the processes of a SARS audit? Why are Transfer Pricing provisions constitutionally invalid and not enforceable? What amnesty is available in 2006 to corporate taxpayers for undisclosed income (not just for small businesses) and what is the effect of the Royalty Judgment on royalty payers?

Don't miss this 1-day workshop presented by Daniel Erasmus, to find out how you can prevent your business from falling foul to the law, in any of these areas.

Following a successful seminar held in Johannesburg, FASA and sponsor FND, are pleased to announce that they have scheduled two Seminars on "How to Overcome the Latest Regulatory Challenges in The Franchising Industry in South Africa" Daniel Erasmus will tackle that "Landmark Disallowance on Tax Deductions for Royalties" and Johnson Matshivha will talk on "Price Fixing Puts Franchising in the Spotlight." The Seminars will also give all FASA members the opportunity to meet with FNB's new franchise team and with Vera Valasis, FASA's Executive Director. The seminars will be held:

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

One of the problems you may experience as a Vat vendor is that the application of Vat law is often open to interpretation. It can be very difficult to pin down exactly what the correct Vat treatment in a specific situation may be.

This is where Vat rulings come in. You can use the Vat rulings as a guide to explain what kind of Vat treatment SARS would find acceptable in your position. And in your first Vat Update, we give you all the information you need on this valuable source of guidance!

Sanchia Temkin - Business Day

THE South African Revenue Service (SARS) has released new guidelines to help companies and shareholders understand the law on secondary tax on companies.

The tax has become an important source of revenue for the country.

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.

Steve Krause - Tax Talk Magazine

In his budget speech in February, Mr Trevor Manual, Minister of Finance proposed a reform of the tax treatment of medical scheme membership and health care costs. In most part, these amendments have been accepted and serve to confirm government’s redistribution process to assist lower income earners and to promote medical aid membership within lower and middle income employees.

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