Dear Subscriber,

The article "Small business urged not to pass over tax let-off" brings attention to the fact that many small businesses are still not taking the South African Revenue Service's (SARS') recent small business amnesty serious enough. The amnesty application period expires at the end of May 2007, which does not leave much time for these businesses to become compliant and use the window period that they have received.

Tax Talk Magazine:
When it comes to transfer pricing, there is a rise in regulations as government tries to stem the flow of taxation revenue from the country. Sean Kruger, national director of tax services at Ernst & Young discussed this issue on Tax Issues. A complete article on the interview is published in Issue 4 of the Tax Talk Magazine being distributed at the end of November 2006.

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Until next time
Tax Talk Publisher

Sanchia Temkin - BusinessDay

MANY small businesses are struggling to keep up with their tax compliance and face a threat to their survival, especially those that have ignored the South African Revenue Service’s (SARS’) recent small business amnesty, says Nina Keyser, a senior tax associate at commercial law firm Webber Wentzel Bowens.

“Small businesses often feel overwhelmed by myriad tax compliance requirements and are frequently found to be in violation of the law when it comes to keeping their tax in order,” Keyser said.

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:

• Transfer Pricing Manager, In-House, Luxembourg
• Corporate Tax Managers/Senior Managers - Recovery and Reorganisation, Grant Thornton UK LLP, All UK locations
• Transfer Pricing Manager, Investment Bank, Zurich, Switzerland
• Financial Engineer, Investment Bank, London, UK
• Tax Jobs throughout Africa: Tanzania, Nigeria, Ghana, Zambia, Mozambique and Angola

Jay Niblick - www.innermetrix.com

The largest potential creditor of any taxpayer is the taxman. All Inland Revenue departments worldwide have extensive powers to investigate the business affairs of taxpayers to make sure they are getting their fair share of taxes.

Often the problem with this is that Inland Revenue departments will jump to conclusions in reassessing the taxes due to them, and then raise additional tax assessments that could run into the hundreds, if not, millions of dollars, with penalties and interest added.

Are you sure of your rights as a taxpayer? Do you know how to deal with the processes of a SARS Audit? Would you like to learn why Transfer Pricing Provisions are constitutionally invalid – and not enforceable? Or, are you ready to find out what amnesties are available to corporate taxpayers – not just small businesses - for undisclosed income in 2006?

And would you like to know what effect the Royalty Judgement has on royalty papers? If you answered yes to any of the above questions, then don’t miss this one-day workshop with Tax Expert, Daniel Erasmus, and discover how you can prevent your business from falling foul of the law.

Tax Risk Management

If you have not already undergone an internal tax audit on PAYE, VAT, transfer pricing and other key income tax areas (depending on your business type), you can expect major problems when SARS pays a visit to conduct their routine audit.

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.

Fleet Street Publications (Pty) Ltd

The weekends heavy rainfalls have kept me inside and allowed me to catch up on some of my reading. SARS issued their annual report of 2006 last week, which reveals they have collected R14.9 billion from some 63 900 enforcement audits. This is up from last years R3.38 billion collected through 60 378 enforcement audits. These results are scary if you consider that the average assessment per audit for the 2006 year is R233 314!

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Contact Janine at
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