Dear Subscriber,

By midnight on Saturday 31 March SARS had collected R495.1 billion in revenue for the 2006/07 fiscal year.

A press release on the SARS website reads that structural changes in the tax policy environment enacted through legislation over the past few years have significantly broadened the tax base. Such changes include the introduction of Capital Gains Tax, the switch from Source to Residence based taxation. Between February and December 2006 the income tax register has grown by 7%, the PAYE register by 6% and the VAT register by 5%. Click here to read the full press release.

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. Click here to read more on tax risk management and why a properly devised prevention strategy, as part of a tax risk management process, will assist in preventing any future problems with revenue.

Don't forget to book your seat at the International Tax Institutes tax course on: "Unpacking the Small Business Tax Amnesty". The deadline which is 31 May 2007, is exactly 35 working days away and there's no extension! This amnesty takes away the threat of looming penalties, interest or prosecution and allows small businesses to become tax compliant without punishing them for the past.

Click here to get detailed information about this event and to book your seat.

A REMINDER to our WINNERS of The International Tax Institute's Seminar COMPETITION :

1. Sheryl White (ETA WS 342)
2. Johann Sadie (ETA WS 315)
3. Phillip West (ETA WS 339)
4. Cedric White (ETA WS 348)
5. Terence Tobin (ETA WS 330)

Please check your email and post boxes for your prize which will be arriving soon. If you have not received anything by 31 March then you must please contact Lyndal Johnson on 011 4765095 so we can follow up.

Tax Issues
SARS is looking at introducing a dividend tax to replace Secondary Tax on Companies (STC). Liesl Kruger, director at Cliffe Dekker discussed this matter on Tax Issues. Click here for a summary of the full interview. Tax Issues is broadcast on Mondays at 20h40 and again at 22h40 on SUMMIT TV (DSTV CHANNEL 55).

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Until next week.
Head of TAXtalk

All new ANNUAL subscribers who register with TAXtalk between 05 March 2007 and 07 June 2007 will be entered into the following prize draw.

A FREE Delegate pass (valued at R 10,500.00) to IIR’s (International Institute of Research) 3 day symposium, for the 1st time ever in South Africa, on Education and Simplification of “Complex Financial Products” Click here for detailed information on this event.

Some of the expert speakers at this event include:

• Sonja van Vliet, GM;Flexi Banking Services, ABSA
• Alison Lee, CEO, Corporate Lawyers Association of SA
• Mike Byron, GM, The National Retirement Council
• Cas Coovadia, MD, SA Banking Association
• Jay Naidoo, Head of Training, Liberty Life

Subscribe now and be entered into this fantastic prize draw.

Sanchia Temkin - Professional Services Editor

IN SPITE of last week´s news that the trade and industry department had eased its restrictions on textile and clothing imports from China, industry experts say the quotas may result in extra administration costs and business risks for importers.

Interview with Liesl Kruger (Director) - Cliffe Dekker

SARS is looking at introducing a dividend tax to replace Secondary Tax on Companies (STC). Liesl Kruger, director at Cliffe Dekker discussed this matter 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:

• Managers/Senior Managers, Bangkok, Thailand
• Senior International Tax Manager, General Electric, Ireland
• Managers/Senior Managers/Directors, Sponsorship on Offer, Ireland
• Manager/Senior Manager, Sydney, Australia
• Manager/Senior Manager, Hong Kong

TAXtalk

Any system that is intended to promote clarity, consistency and certainty in the interpretation and application of tax laws can only be applauded. The Advance Tax Ruling System sets out to do just that and came into effect on Monday, 2 October. From now on, taxpayers may formally request the commissioner to rule on the interpretation and application of the tax laws, as they apply to a specific proposed transaction.

Ettiene Retief - Editor-in-chief - The Practical Tax Handbook

Broad-based Black Economic Empowerment (BEE) has been around since 2003, yet finance remains one of the major and ongoing challenges impacting the structuring of empowerment deals. Often lacking the required collateral, small businesses end up having to finance an empowerment deal with the support of the larger corporation they are in negotiations with.

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.

Brett Scott - HGIC Financial Coaching

The bottom line is that investors want high returns at low risk. How does one go about achieving this objective? We believe that the answer is to place your capital with a highly skilled manager (which we all know is much easier said than done) who is tasked with investing according to a specific mandate aligned with your investment needs (a complicated mouthful but absolutely necessary). Difficulties one faces are deciding what measures to use when determining a managers skill, determining how sustainable the returns are going forward based on the managers investment strategy and finally, what investment risks the manager is likely to expose your capital to.

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!

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