Dear Subscriber,

On Friday the 25th August 2006, Business News posted an article titled: "Sars warns on refund scam", in which they report that The South African Revenue Service (Sars) issued a warning to taxpayers about a scam that solicits money from taxpayers that has surfaced over the past few weeks. To read the full article go to: http://business.iafrica.com/news/959627.htm.

Tax Talk posted an interesting article by Peter Carruthers - PetesWeekly.Com, titled: "I have just been `taken` by `SARS` for R10 000 (was supposed to be R40 000!), in which a client expresses what happened to her when she got caught in this very scam. Be careful, this could happen to you.

This week in Tax Issues the topic of discussion was; Company car or travel allowance: Which is the most beneficial from a tax point of view? A summary of the complete interview is available on the Tax Talk website.

Don't forget to watch the next broadcasting of Tax Issues on Monday at 20h40 and again at 22h40 on SUMMIT TV (DSTV CHANNEL 55.)

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Until next time
Tax Talk Editor

Tax Talk

Company car or travel allowance: Which is the most beneficial from a tax point of view? Daniel Erasmus spoke to Steve Krause of the firm Krause Fouche about this issue on the programme Tax Issues, broadcast on Summit TV on Monday night.

The South African Payroll Association is proud to announce its annual conference which takes place nationally in September under the theme 'Spring into Action'.

We are pleased to extend an invitation to you to be a part of this groundbreaking opportunity to engage the industry, discuss relevant topics and interact with leading, recognized experts.

As a representative organization that continues to lobby on behalf of payroll administration personnel and disseminate information that is up-to-date and pertinent, the South African Payroll Association hereby extends its role to ensure that what we pay forward does count.

There has never been a better time for corporate South Africa to delve into an area of business that, if managed correctly, could secure a better future for all.

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 COMPLETE TAX 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.

Tax Talk

One of the most significant silent participants in any business is the silent partner known as the South African Revenue Service (“SARS”). This is a partner which can demand a significant portion of the profits of that partnership. They are also given extensive powers to double check that they get their proper share.

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.

Sanchia Temkin - Business Day

THE Independent Regulatory Board for Auditors has received 200 reports of alleged irregularities and contraventions of accounting regulations by South African companies since the Auditing Profession Act was passed into law on April 1.

“While auditors are taking the new law seriously, commerce and industry still do not have a good understanding of the auditor’s obligation to report irregularities such as theft and fraud to the board,” said the board’s CEO, Kariem Hoosain.

Sanchia Temkin - Business Day

THE South African Revenue Service (SARS) is casting its net wider to include foreign affiliates of local multinationals.

Foreign affiliates of South African-based companies could qualify as South African “residents” and be subject to tax on their capital gains, revenue and profits, says Sean Kruger, head of tax at Ernst & Young.

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