Dear Subscriber,

According to a SARS media release, the Minister of Finance published draft regulations for public comment that prescribe the circumstances under which the South African Revenue Service (SARS) may waive additional taxes, penalties and interest for qualifying small businesses. Click here to read more about application for the waiver: http://www.sars.gov.za/

Businesses can apply for amnesty up to the end of May 2007. Come 1 June 2007, this once-off chance for small businesses to come clean without fear of heavy penalties will have come and gone.

Last week's discussion on Tax Issues centered on the new anti-avoidance legislation. Pierre du Toit, tax lawyer at KPMG looked at the implications of this legislation. Issues considered were whether these new rules have dramatically changed the tax ruling system, whether

legislation contained a degree of intimidation and what the effect would be of the new legislation.

This week, Pierre continues his discussion, in this two-part series, explaining why taxpayers and tax advisors should become more robust in their tax planning and why taxpayers should be able to prove that it was never their intent to avoid tax.

TAXtalk invites you 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, which will continue to be broadcast on Mondays at 20h40 and again at 22h40 on SUMMIT TV (DSTV CHANNEL 55).

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Until next week.
The Editor

SUBSCRIBE to TAXtalk before the small business tax amnesty deadline on 31 May 2007 and receive a FREE TAXtalk Magazine subscription pack and be entered into a prize draw for 5 complimentary seminar seats, to The International Tax Institute's Small Business Tax Amnesty Seminar worth R650.00

Go to http://www.etaxes.co.za/taxtalk_subscribe.asp to subscribe online in less than two minutes.

Tax Issues Interview with Pierre du Toit, Tax Lawyer at KPMG

The new anti-avoidance legislation contained in section 103 of the Income Tax Act has been passed. In the second of a two-part series, Tax Issues looks at the implications of this legislation with Pierre du Toit, tax lawyer at KPMG.

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:

• Senior Tax (Structuring) Professional, Babcock & Brown, London, UK
• Head of Transfer Pricing, FTSE 100, London, UK
• Interim International Tax Manager, FTSE 50, London, UK
• VAT Adviser, Geneva, Switzerland
• Corporate Tax Opportunities, Diageo, Dublin

Jenny Faber - KHFG Attorneys

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 a two-part discussion on Tax Issues, broadcast on Summit TV.

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.

The Minister of Finance, Trevor Manuel, announced that as of August 2006 until May 31 2007 a Small Business Tax Amnesty will be in place. The International Tax Institute (ITI) will be unpacking the effects of the Small Business Tax Amnesty. Important aspects that will be covered at this ˝ day event are:

• Who does tax amnesty apply to?
• Instances where amnesty will not apply
• General requirements
• Which taxes does amnesty apply to?
• How to apply for amnesty
• What is the effect of a successful amnesty application?

Fleet Street Publications (Pty) Ltd

Inaccuracies in the tax invoices you are using may result in high fines or even prosecution, and your company risks serious losses or even bankruptcy. Do you feel the heavy burden of this responsibility? The ""to be or not to be"" of your company depends on whether you have noticed an error on a tax invoice in time.

Declaring Vat is a complex activity. Its easy to make a mistake that will result in serious consequences. Mistakes are often not even deliberate or your fault, however, SARS will not take your misinterpretation of the law into account. Are you always sure that your interpretation is 100% correct on the invoices you have issued?

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.

PricewaterhouseCoopers

Taxpayers wanting to persuade SARS to either compromise or waive a tax debt have to carefully plan their strategy, cautions Gerald Seegers, a tax specialist at PricewaterhouseCoopers.

The first step, Seegers says, is to determine whether the matter at hand is disputed, or is an undisputed amount that the taxpayer has financial difficulty in paying. One then follows the requirements of the Income Tax Act appropriate to the situation.

Do you have something to say? Do you have an area of interest or expertise that you believe is something you can contribute for the interest of our readers? Do you want to share your views with like-minded people?

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!

We will publish the best stories and viewpoints on our website &/or in our weekly newsletter.

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Contact Janine at
janine@taxtalk.co.za
(011) 476 5095