Dear Subscriber,

The deadline for the submission of your income tax returns is 31 October 2007.

A press statement released by SARS on their website describes how serious they are about enforcement action against Non-Compliant taxpayers.

SARS has already issued warrants of arrest and arrested a few taxpayers. SARS states that the arrests form part of various enforcement initiatives which are part of SARS´s 2007 Filing Season campaign. SARS has identified thousands of alleged multiple offenders across the country, who owe SARS more than 450 000 outstanding tax returns and summonses have been served to individuals nationally.

On the other hand, tax analysts are worried because the simplified tax return does not have space for dividends from local companies. Read the article Tax return has no space for dividends by Sanchia Temkin to find out more about a few other problems that were found with the new tax returns form.

TAXtalk readers, if you missed the presentation on the New SCA judgment on interest-free loans that was held on the 10th October 2007, you can now purchase the presentation notes.  The expert panel of presenters  at this

event consisted of Dr Emil Brincker, Prof Henry Vorster, Arthur Schoeman and Daniel Erasmus.

The New SCA Judgment presentation notes details information such as:

• Will SARS misapply the very latest SCA judgment (Brummeria Judgment) on interest-free loans accruing imputed interest?
• What were the special facts of the SCA case?
• How may SARS seek to misapply the case?
• What is your defense?
• How can business avoid the 7 Habitual Tax Mistakes in defending their positions?
• Analysis of the judgment with reference to life rights
• Practical considerations on the judgment

These presentation notes will be made available in eBOOK format by TAXtalk, and available for purchase via the TAXtalk website and Newsletter.

To book your own personal eBook copy of the presentation notes contact: Lyndal Johnson on 0861 829825 or email Lyndal@taxtalk.co.za



Tax Issues
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Till next week.
Janine Connor
Executive Editor & Head of TAXtalk

TAXtalk

The presentation on the New SCA judgment on interest-free loans was held on the 10th October 2007, the panel consisted of Dr Emil Brincker, Prof Henry Vorster, Arthur Schoeman and Daniel Erasmus.

TAXtalk

The following media summary is provided to assist in reporting this case and is not binding on the Constitutional Court or any member of the Court.

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:

TAXtalk Magazine

The House of Lords handed down a significant judgment in Boake Allen Ltd and Others v Commissioners for HMRC (2007 UKHL 25) on 23 May 2007.

Sanchia Temkin - Business Day

Tax analysts have raised concerns in view of a recent Supreme Court of Appeal judgment that all interest-free loans will give rise to an income tax liability in the hands of the borrower, including loans by a founder to a family trust.

Mark Badenhorst, tax partner - PricewaterhouseCoopers

In the aftermath of the Brummeria judgment handed down by the Supreme Court of Appeal on 13 September 2007, public attention has been focused on the tax consequences of interest-free loans.

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