Dear Subscriber,

The intrusive and unavoidable topic of tax is most often ignored by the very people who should take responsibility for it. The only time that they actually pay attention is when they get that dreaded letter from SARS demanding their pound of flesh.

The taxation industry is driven by legislation with tax laws constantly changing and businesses might find themselves under threat. Although pro active businesses manage risks threatening their organisations on other levels they often ignore tax risks. It is essential to manage these, rather than bringing in tax specialists at the eleventh hour to crisis-manage their tax situation when faced with audits and SARS investigations.

If you own a business, you are responsible for the tax returns of your clients, if you head up or manage the tax and risk division in your company, answer to superiors, partners and shareholders on the financial and taxation position of the company, and you pay taxes, then you are responsible.

We seem to forget that the South African Revenue Services (SARS) is regarded as the largest stakeholder in businesses as well as their largest creditor due to the large amount of taxes that must be paid over on a monthly basis.

A recent TAXtalk readership survey revealed that 89% of our readers file the magazine for future reference, proof that TAXtalk is a valuable resource to reference for both current and historic issues. Being informed about vital tax updates and the latest developments at SARS is of critical importance to anyone working within the tax field. Subscribing to TAXtalk magazine guarantees that you stay on the cutting edge.



Tax Issues
This week Billy Joubert, director at Deloitte, will be discussing transfer pricing on Tax Issues, broadcast on Summit TV (DSTV channel 55) at 20h40 & 22h40 on Wednesday evenings and at 7h30 on Thursday mornings.

Subscribe online in less than two minutes.

Till next week.
Janine Connor
Head of TAXtalk

Mike Holmes - Journalist

Commercial banks have always been a high hurdle for anyone hoping to raise money to start or promote a small business. Bankers are the ultimate risk avoiders. Where will you find a bank with the slogan: ‘Boldness Be My Friend’?

TAXtalk

“Even those who found the (tax return) process complicated and hated forms like I do will be able to fill in the new one”, said minister of finance, Trevor Manuel in May when he unveiled significant changes that SARS has introduced to the income tax process.

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:

• Indirect Tax Manager, Parker Hannifin, Lausanne, Switzerland, Six Figure Package
• Transfer Pricing Advisor, Shell, London, UK
• Tax Compliance Advisor, Shell, The Hague, Netherlands
• Senior Tax Manager (International), Abu Dhabi, UAE
• International Tax Manager, UK Listed Business, Luxembourg

Erika Petersen, Shepstone & Wylie Attorneys Tax Department

Business could save millions in collective litigation fees against SARS if the correct mechanisms were followed upfront.

“Lawyers often receive instruction to take over a dispute where it has proceeded to a point where a hearing with the Tax Board or Court is inevitable,” says Erika Petersen of Shepstone & Wylie Attorneys tax department.

Interview with Billy Joubert, Director at Deloitte - Summit TV

Transfer pricing is a tax-related issue that comes up again and again. Billy Joubert, director at Deloitte discussed this matter on Tax Issues.

The discussion started off with the question of who should have transfer pricing documentation. Billy said that an addendum to the practice note on transfer pricing was issued recently, stating that it is not compulsory to keep transfer pricing documentation.

Grant Lloyd, Managing Director of Softline Pastel Payroll

Small and medium size companies that have recently taken advantage of the amnesty offer by South African Revenue Services should be prepared to pay capital gains tax on the total tax amount they have “saved” through the amnesty.

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.

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Submit your article to: janine@taxtalk.co.za or post it to: (P.O Box 1650 Gallo Manor 2052)