Dear Subscriber,

Jenny Faber, attorney at KHFG Attorneys unpacked the amnesty in the first of a two-part discussion on Tax Issues, broadcast on Summit TV on Monday night.

The discussion kicked off with the statement that this was the second tax amnesty offered to non-compliant or even non-existing taxpayers in quite a short span of time. Other discussion points were; the requirements that a small business owner has to meet in order to be able to apply for amnesty, what the tax covered by the amnesty includes and whether you would be granted amnesty under all circumstances. A complete summary of the interview is available on the Tax Talk website.

Tax Talk invites you, our subscribers, to write to us with suggestions of tax topics about which you would like more information. We will

invite experts to speak on these topics on Tax Issues, broadcast on Mondays at 20h40 and again at 22h40 on SUMMIT TV (DSTV CHANNEL 55).

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Until next time
Tax Talk Publisher

Thabo Legwaila - Tax Policy National Treasury

Treasury issues a Budget Review every February as part of its annual fiscal process. The annual Budget Review outlines National Treasurys fiscal stance for the year, including expenditure and revenue (tax) measures. Tax measures within the Budget Review fall into two sections - Chapter 4 and Annexure C. Chapter 4 contains major policy proposals. Annexure C contains miscellaneous and technical proposals.

Annexure C amendments are mainly intended to address anomalies. Some of these anomalies create unintended hardships for taxpayers; others create unintended loopholes. The input for all these amendments comes from SARS (e.g. audit and operations) and from the taxpaying community. Unfortunately, the process of collecting these proposals in years past has largely been ad hoc, thereby creating a distorted list of priorities.

eTaxJobs is a global job portal exclusively for tax professionals, and an online resource for employers and recruitment firms to advertise their vacancies. eTaxjobs operate in the UK, Europe, USA, Canada, Australia, New Zealand, Africa and around the World.

Available tax jobs for this week are:

• Partnership Tax Accountant, Professional Services, London, UK
• US Tax Managers, Bermuda
• Personal Tax/Expatriate Tax Manager, Kyiv, Ukraine
• Senior Manager, International Tax, Luxembourg
• Senior Consultant, Expatriate Tax, Johannesburg, South Africa

Kristen McClarty - The South African Professional and Businesswomen’s Network

The Amnesty Unit has completed its adjudication of the 42 672 amnesty applications submitted before the deadline. Of those submitted, 42 184 applications were approved, 924 were withdrawn, deleted or voided and 20 were declined.

The amnesty process achieved the set objectives, being to broaden the tax base, allow South Africans to legitimise their affairs without being prosecuted, provide SARS and SARB with the details of foreign assets and facilitate repatriation of assets.

Can you CONFIDENTLY answer the following questions? Call us NOW to Book your place on the Tax MasterClass and ensure your organizations future tax health.

• Where do you think your greatest Tax Risk lies?
• What is your documented tax policy/strategy?
• How good is your tax department's communication with the rest of your organization?
• Do they understand what your organizations REAL TAX RISK is?
• Do you know how Corporate Governance affects Tax Risk Management?
• How do you manage your relationship with your largest business partner, the South African Revenue Service?

Tax Talk

More South Africans are tax compliant today than ever before. Reasons for this state of affairs are the significant efficiency gains by SARS and also the fact that South Africans fear of prosecution, should they not comply. One thing is sure, the country is benefiting from the revenue collected.

Tax Talk

The tax amnesty offered to small businesses as from 1 August allows small business owners, including taxi operators to become tax compliant without punishing them for the past. Jenny Faber, attorney at KHFG Attorneys unpacked the amnesty in the first of a two-part discussion on Tax Issues, broadcast on Summit TV on Monday night.

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.

Tax Risk Management

The very words “tax planning” are inherent with the prospect of tax risk, anti-avoidance, sham transactions and the like. Any information, document or thing in any way associated with “tax planning” will draw the attention of SARS assessors. Its human nature.

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