After becoming aware of an increase in payroll deductions in recent years, the South African Reserve Bank (SARB) and National Treasury have engaged in discussions with stakeholders on the creation of a regulatory framework to govern payroll deductions. The proposal was open for public comment until 30 April 2018.
With the wave of anti-SARS sentiment currently washing over South Africa, paying historical value-added tax (VAT) may be a hard pill to swallow. This has resulted in many companies understating or underpaying their VAT and subsequently incurring colossal penalties in addition to the tax payable.
The SA Revenue Service, as part of a move to boost its revenue collection, is looking to nail 300 000 companies with penalties for failure to submit corporate income tax returns. On the sidelines of the Tax Indaba in Johannesburg this week, Fabian Murray, acting Sars chief officer for business and individual tax, said that, […]