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TAXtalk May 2007
Week 5
This Week in TAXtalk
Dear Subscriber,
The South African Revenue Service (SARS) website, www.sars.gov.za, states that the SARS offices will be open longer hours to accommodate Small Business Tax Amnesty applications.

The website further states that over the last few days the offices of the South African Revenue Service across the country have been inundated with calls and enquiries from businesses who want to meet the deadline for the Small Business Tax Amnesty. Their offices have experienced long queues until late in the evening. Consequently, the offices of the South African Revenue Service across the country will accept applications for the Small Business Tax Amnesty on Friday, 1 June 2007 and Saturday, 2 June 2007. This is an administrative measure to assist applicants for the amnesty and forms submitted on these days will be deemed to have been received by Thursday, 31 May 2007. The South African Revenue Service offices will be open until 1pm on Saturday, 2 June 2007 to receive amnesty applications.

All revenue offices will be open tomorrow, Thursday 31 May until 18h00. This is the last chance for small businesses to regularise their tax affairs and avoid prosecution (up to five years imprisonment) and fines.

For more information visit any of the SARS offices during these longer hours, or visit the SARS website on www.sars.gov.za or contact the amnesty call centre on 0860 1212 20.
Yesterday on Metro FM, they had a brief telephonic interview with Adrian Lackay, spokesperson for SARS. They discussed paying taxes, and the attitude that South African taxpayers have with regards to tax. Some taxpayers feel as if they get appreciated by SARS for being law abiding citizens and others feel a great sense of integrity in paying their tax returns. It was great to hear SARS is recognising that South African taxpayers are becoming more compliant taxpayers and that they are contributing towards the economic growth of our country.
Listeners wrote emails to Metro FM in which they gave their views on the payment of tax and a few questioned the state that our roads are in. Compliant taxpayers expect to see their money put to use for their benefit, as they feel that they do pay their pound of flesh monthly to SARS. When one hears Adrian saying that the growth of taxes this year exceeded an amount of R495 billion, and you hear about the growing tax base, you do tend to look around and ask questions about how that money is put to use, especially when your car hits one of the many potholes on our roads and you have to cough up the costs of wheel alignment and tire replacements.

To be honest, I have seen improvements and I personally think that a great job is being done to improve our country.

What do you think? Do you see the difference paying your taxes has made? Let me know what your views are. Write to me at: janine@taxtalk.co.za
M A G A Z I N E
Issue 5 - 2007
TAXtalk Magazine is published every two months.
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I N   T H I S   I S S U E :
  • Aggressive tax structuring
  • State and private sector must pull together to launch SME “grand plan”
  • When the fortunate 500 receive letters from SARS
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Tax Issues
Last week we missed one of our Summit TV interviews with Tony Barrett of BJM Private Client Services. The Johannesburg Stock Exchange (JSE) has achieved record highs over the past few years and this has had an effect on investors‘ investment strategy. Add Capital Gains Tax (CGT) to the mix and the issue becomes complicated. Tony discussed the effect of CGT on investment strategy on Tax Issues last week.

This week, Natalie Cridlan of FNB Trust Services discussed the role of trusts in estate planning. Click here for a summary of the full interviews. Tax Issues is broadcast on Mondays at 20h40 and again at 22h40 on SUMMIT TV (DSTV CHANNEL 55).

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Till next week.
Janine Connor
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Effect of Capital Gains Tax (CGT) on investment strategy on Tax Issues
Interview with Tony Barrett of BJM Private Clients Services - Summit TV
The Johannesburg Stock Exchange (JSE) has achieved record highs over the past few years and this has had an effect on investors` investment strategy. Add Capital Gains Tax (CGT) to the mix and the issue becomes complicated. Tony Barrett of BJM Private Client Services discussed the effect of CGT on investment strategy on Tax Issues on Monday evening.
read more ...
The whys and hows of trusts in estate planning
Interview with Natalie Cridlan of FNB Trust Services - Summit TV
Natalie Cridlan of FNB Trust Services discussed the role of trusts in estate planning on Tax Issues, broadcast on Summit TV on Monday night.

According to Natalie it was common practice to use trusts for estate planning. This was done to solve the problem of a person’s assets increasing over time and him or her ending up in a situation where the value of the estate was growing on an annual basis.
read more ...
Global Tax Jobs
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:
The JARVIS Principle
Daniel Erasmus
At long last it appears that SARS have taken note of the 2002 Supreme Court of Canada judgment: R vs Jarvis. The Jarvis principle was presented in a paper during the course of March 2007 by a member of the Johannesburg Bar to a high level delegation of SARS and NPA authorities at one of the regular Tax Academy meetings.
read more ...
TAXtalk Events
SEC makes it tough for US listings
Sanchia Temkin, Professional Services Editor - Business Day
THE US Securities and Exchange Commission (SEC) is drafting a requirement that is likely to have far-reaching ramifications for South African companies listed in the US.

According to a recent report in the Financial Times, SEC chairman Christopher Cox is involved in the drafting of a new rule that will require all companies to use extensible business reporting language (XBRL) as a vehicle for their filings to the SEC.
read more ...
Coming to the UK?
Collett & Co. - ITInews
The tax system in the UK is, dare we say, a bit of a minefield, and we will be pleased to answer any questions you have if you are planning a move to the UK, or if you have been in the UK for a while already.
read more ...
Tax Issues sponsored by TAXtalk
Summit TV - Channel 55
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.
Click through to the summit page on Tax Issues:
http://www.summit.co.za/trends/taxissues.html
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