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info@taxtalk.co.za | tel:
+27 (11) 476 5095 | fax: +27 (11) 476 5004 |
South Africa´s Leading Tax Magazine |
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June 2007
Week 2 |
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This Week in TAXtalk
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Dear Subscriber,
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You will note that the following campaign has been launched by TAXtalk:
In an attempt to narrow down the scope of the 7 Habitual Tax Mistakes your business is
making we have also compiled a 7 Habitual Tax Mistakes online survey.
Click here to conduct this important survey.
Once you have done the 7 Habitual Tax Mistakes survey a unique ID number will be given
to you. Please email the unique ID number to
daniel@dnerasmus.com for your personalised tax
survey report which will explain to you which of the 7 Habitual Tax Mistakes you are
making.
The basic 7 solutions will then be emailed to you over the next few weeks as DE
Professional Consultants, under the guidance of Daniel Erasmus, unpack each of the basic 7
solutions.
The basic 7 solutions are:
- Don't be reactive, be proactive with Tax Risk Management;
- Don't try and do it on your own, create a tax team;
- Know where you are going, compile a Tax Risk Management strategy;
- Insular tax compliance must become more transparent;
- Defective transactions can only be remedied through more facts;
- Faulty financial accounting can only be fixed by thorough internal audits;
- Ineffective interaction with operations can be resolved by communication.
Each of these basic 7 solutions lead to a list of tasks that should be performed by
all businesses on an ongoing basis as part of their Tax Risk Management process.
Tax risk will never disappear, but it can be managed effectively and efficiently minimising
your uncovered tax risk exposure.
Next week we will publish A typical 7 Habitual Tax Mistakes report.
The solutions to the 7 Habitual Tax Mistakes will also be unpacked in more detail in
the coming TAXtalk magazines, and in a series of seminars on the 7 Habitual Tax
Mistakes (15 August 2007 and 11 October 2007).
So please subscribe and book your seminar seat by phoning Janine Connor at (011)
476-5095
Finally, Daniel Erasmus will publish in September/October 2007, through Butterworths Lexis
Nexis, the FINAL solutions, with case studies, in a book titled "7 Habitual Tax Mistakes - a
tax risk management handbook".
We look forward to interacting with you over the next period.
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Last week we mentioned that 5 organisations wrote letters to SARS requesting an extension to the
small business tax amnesty deadline. The Minister at this point indicated that he would make an
announcement in parliament on 7 June 2007 when he introduced the tabling of the Taxation Laws
Amendment Bill in the National Assembly.
The Bill was tabled and proposed a one month extension to the amnesty process until 30 June 2007.
SARS will also be permitted to allow applicants time until 31 August 2007 to submit all documents
supporting their amnesty applications.
The response to the Amnesty has been overwhelming, and it is great news to hear that SARS received
more than 275 398 amnesty applications from small businesses.
This response is evident that many businesses want to become tax compliant and make their business
legal. We are working towards a tax compliant society.
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ANNOUNCEMENT:
Please note that our Tax Issues show on Summit TV has been moved to a new time slot. It will now be
broadcast on Wednesday at 20h40 and 22h40 and Thursday mornings at 7h40 on SUMMIT TV
(DSTV CHANNEL 55)
Tax Issues
An amendment in the Value-Added Tax (VAT) Act provides for VAT rulings issued before 1 January 2007
to be confirmed by SARS. Leon Oosthuizen, senior manager at PriceWaterhouseCoopers discusses this
matter on Tax Issues.
Click here for a
summary of the full interviews.
Get the TAXtalk Magazine delivered to your postal address, receive a weekly tax electronic newsletter
and have 24 hours‘ access to download TAXtalk information and eBooks. You can get all this by
SUBSCRIBING to TAXtalk
for R50.00 per month or R600.00 annually.
Subscribe online in less than two minutes.
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Till next week.
Janine Connor
Head of TAXtalk
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You can now subscribe using |
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IIR´s (International Institute of Research) is hosting a three-day symposium,
for the first time
ever in South Africa,
on Education and Simplification of “Complex Financial Products”.
CONGRATULATIONS to Karl Homeier
Karl is the Winner of the FREE Delegate pass (valued at R10 500.00) to IIR’s event.
This event features presentation by experts from:
ABSA, South African Insurance Association, Liberty Life, South African Banking Association, National
Credit Regulator, Association of Collective Investments, Simplified, The National Retirement Council,
Plain Business Writing, Nota Bene, Rudo Research and Training, Society of Consumer Affairs
Professionals, Director’s Report
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Deemed Dividends on advances or loans from the company
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Adv Peter O’Halloran - Tax Adv CC
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Jutas Income Tax, at the definition of “dividend” in section 1 of the Act and at the commentary
thereto makes out a case for the fact that a loan, or amount that a company transfers to recipients,
cannot constitute a dividend, because, by definition, a dividend can only be declared out of
profits.
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read more ... |
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SA 2007 Tax Freedom Day – 11 May – the worst ever
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Garth Zietsman - ITInews
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The total earnings of the average South African taxpayer from 1 January to 10 May is equal to the
total taxes they have to pay for 2007.
That’s 130 days, or more than one third of the year, they have been working to pay taxes. From 11
May they start working for themselves and their families.
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read more ... |
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Global Tax Jobs
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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:
- Strategy Tax Manager, Vodafone, Newbury, UK
- Global Transfer Pricing Opportunities, PwC, Australia, Austria, Belgium,
Canada, China, Cyprus, Finland, France, Germany and many more locations
- International Tax Manager, PA Consulting, Herts, UK
- US International Tax Manager/Senior Manager, Ernst & Young, Sydney,
Australia
- Tax Senior/Assistant Manager, Ernst & Young, Dubai, UAE
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Looking for Tax Breaks?
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TAXtalk
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By smoking two cigarettes, you are now contributing R1 to the state coffers. That means a whopping
R10 per day if you have a 20-a-day habit. This is one of the outcomes of this year’s budget speech
presented by minister of finance, Trevor Manuel, in parliament on 21 February.
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read more ... |
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New amendment to VAT Act: Confirm VAT rulings with SARS before it is too late
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Interview with Leon Oosthuizen, senior manager at PriceWaterhouseCoopers
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This year VAT has been around for 16 years. In this time, taxpayers obtained many VAT rulings from
SARS. Up to now, SARS would not withdraw a ruling retrospectively, but could withdraw the ruling
going forward. The amendment to the VAT Act now states that rulings issued before 1 January 2007
need to be reconfirmed by SARS in order to be binding.
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read more ... |
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A tax legend in his own lunchtime
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Sanchia Temkin - Professional Services Editor - Business Day
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Michael Katz, chairman of Edward Nathan Sonnenberg , talks a lot of business over a meal.
MICHAEL Katz does lunch, but not as we know it. The Edward Nathan Sonnenbergs chairman prefers the
comfort of his firm`s office to a restaurant for lunch. Fair enough — he is a busy man. The day
before we meet, however, Katz`s assistant calls to get me to choose from the menu. I opt for the
mushroom pasta. Later that day Katz himself calls to ask what we will discuss over lunch.
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read more ... |
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Write an article for TAXtalk TODAY!
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TAXtalk invites you to write an article in which you share your views and expertise on tax. Your
article can be published in the newsletter for 7000 readers to view, on our website for over 100 000
viewers to see and in the TAXtalk magazine(with your photo) for more than 16 000 readers to read.
Make an impression, submit your article NOW.
Article Requirements:
1 Page Article : 900 words 1½ Page Article : 1350 words 2
Page Article : 1800 words
Font: Tahoma or Times Font Size: 10
Submit your article to: janine@taxtalk.co.za or post it to:
(P.O Box 1650 Gallo Manor 2052) |
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