SARS ups tax collection through payroll audits
Despite the promising initiatives implemented under the South African Revenue Service’s (SARS) acting Commissioner Mark Kingon, its tribulations in meeting its collection targets have not yet waned, with payroll audits falling under its enhanced collection efforts to make up the shortfall.
Taking loan in crisis time
We all find ourselves in tough financial spots from time to time, where there is just too much month at the end of the money.
Proposal for a regulatory framework for payroll deductions
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.
Underpayment of company VAT and fall in taxpayer morality – Voluntary Disclosure Programme only solution
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.
Sars to hit 300 000 companies with fines
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, […]