Dear Subscriber,

SARS recently sent 500 top individuals in South Africa a letter each asking them to provide information on the businesses in which they were involved. Is it legal to do something like this? Could the 500 individuals choose to provide the information voluntary, or were they obliged to do so? Piet Nel, tax lecturer from Unisa discussed this issue on Tax Issues. A complete summary of the interview is available on the Tax Talk website.

There are some interesting stories in the media this week; In terms of the Revenue Laws Amendment Bill, which was passed by parliament two weeks ago, recreational clubs will no longer be afforded the almost complete exemption from income tax they currently enjoy. Click here for the full story by Business Report.

Bruce Cameron of Personal Finance reports on how SARS this week

gave an assurance that dividends from preference shares are non-taxable. Click here for the full story.

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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Tax Talk Publisher

Tax Issues - Interview with Piet Nel, tax lecturer from Unisa

SARS recently sent 500 top individuals in South Africa a letter each asking them to provide information on the businesses in which they were involved. Is it legal to do something like this? Piet Nel, tax lecturer from Unisa discussed this issue on Tax Issues.

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:

• French Speaking Tax Planner, Morocco/Gibraltar, North Africa
• Opportunities for Tax Seniors and Managers in International Tax, Luxembourg
• Transfer Pricing Manager, Relocate to Canada !
• VAT Manager, Johannesburg, South Africa
• Transfer Pricing Specialists, Melbourne, Australia

Tax Risk Management

Compliance tax risk - returns and queries. This concerns a corporation’s tax compliance obligations. Risks are associated with the preparation, completion and review of a corporate’s tax return, as well as the risks associated with those processes (compiling accurate and reliable tax schedules). Included under this category are the risks stemming from SARS enquiries, SARS audits and investigations.

Fleet Street Publications (Pty) Ltd

With the abolition of the RSC levy as from the end of June 2006, many businesses will think that they are off the hook. Not so! Local Councils have stated their intention to pursue all non-compliant enterprises. This includes those businesses that were liable for registration and failed to do so, as well as registered levy payers who have not submitted monthly declarations and/or have any amounts outstanding. If you are hiding out and hoping that your non-compliance wont be noted, think again. Rather take positive steps to rectify your less than exemplary record.

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

This extract provides guidance on how to address and manage your tax risk going forward, methodology for finalizing major tax risk problems, it covers managing the assessment and settlement of tax risk areas, addressing sensitive tax risk issues, dealing with ongoing tax queries in the corporation and identifying tax risk in the corporation.

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 - BusinessDay

THERE are several compelling arguments why it is most often in a clients’ best interest for tax services to be provided by multidisciplinary firms with global reach, says Iaan van Heerden, a tax director at KPMG.

“The business world is increasingly complex and it is rare nowadays to find a problem whose solution doesn’t depend on a number of interdependent factors,” van Heerden says.

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If so, send your submissions by email to (janine@taxtalk.co.za), fax (27 11 476 5004) or post (P.O. Box 1650, Gallo Manor 2052) and be heard!

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