Dear Subscriber,

Last week we promised you a follow up article on the business development mission from the Miami-Dade County and South Florida, USA. TAXtalk interviewed a few of the distinguished guests, click here to read the full interview.

Business people are so caught up in the day-to-day affairs of managing their companies that they do not have the time or the interest to decipher the complexities and technicalities of thick journals and tax books.

We have decided that the best way to demystify tax is to pass you a magazine to relax with after dinner or in between meetings. TAXtalk magazine has been created for you, so that we consistently provide you with unique and interesting information and insights into the world of tax, helping you get to grips with the tax issues at hand and making this as easy as possible.

I hope you enjoy reading Issue 5 of the TAXtalk magazine as it is jam packed with great information, you will need to subscribe in order to get access to this information via the newsletter as well. In Issue 5 we stress the importance of the small business tax amnesty which is applicable to any business, sole ownership or close corporation with a gross income of less than R10 million. The deadline date is 31 May 2007 and according to SARS spokesperson, Adrian Lackay, this will not be extended.

It is human nature to have a reactive, rather than a proactive approach to paying tax. To get small businesses into the tax net before 31 May 2007, the deadline for the small business tax amnesty, is a mammoth task that calls for an ingenious new approach to spreading information and educating small business owners to join the ranks of taxpaying South Africans.

TAXtalk spoke to Sobantu Ndlangalavu, senior manager heading up the small business tax amnesty process at the South African Revenue Service (SARS). In our interview with him on page 5 of the TAXtalk magazine, he lays down the law and the small business sector might just be grateful. Subscribe to TAXtalk and find out what Sobantu has to say.

Due to popular demand we will now be publishing the TAXtalk magazine every two months from April 2007. I am sure we are going to have a host of happy subscribers.


Tax Issues
New legislation is in the pipeline to streamline the provisional tax system. Patrick McGurk, director at Cliffe Decker discusses 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.
Janine Connor
Head of TAXtalk

Peter O´Halloran

The Small business tax amnesty offer expires on the last day of May 2007. People and businesses that qualify for the amnesty are:

The Taxpayer

Section 76B to section 76S deal with the various categories of advance rulings. They were to come into operation to be fixed by the President in the Gazette. The date fixed was 1 October 2006. The provisions are referred to in Meyerowitz on Income Tax 33.27.What remained to be dealt with was the legal status of rulings or statements issued by SARS before this date.

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:

• Opportunity for Tax Supervisor to move to Zambia
• Tax Managers required in Hong Kong
• Tax Managers - Relocate to Hanoi and Hi Chi Minh, Vietnam
• Opportunities for tax professionals in Ireland
• Transfer Pricing Manager, Ireland

TAXtalk

A business mission from the Miami-Dade and South Florida counties in the United States visited Johannesburg in April to look for investment opportunities that would be mutually beneficial for both areas.

Interview with Patrick McGurk, director at Cliffe Decker

New legislation is in the pipeline to streamline the provisional tax system. Patrick McGurk, director at Cliffe Decker discussed this matter on Tax Issues.

“Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble... to give way to hope, fear and greed.” Benjamin Graham

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.

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.