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30 July 2010
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Analysts warn SARS not to erode taxpayers’ rights
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Sanchia Temkim
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The South African Revenue Service (SARS) must exercise caution and “act reasonably” before taking outstanding tax and penalties out of offending taxpayers’ bank accounts and attaching their salaries, warn tax analysts.“The tax courts will take extreme displeasure with SARS if they should abuse their powers,” says Andrew Wellsted, a director at Deneys Reitz Tax Services.
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Business Day
Thursday, July 08, 2010
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SARS man elected to world body on customs
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Loyiso Langeni
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The South African Revenue Service has reinforced its reputation as one of the world’s leading tax collection institutions with the recent election of a senior official to the World Customs Organisation. Erich Kieck, group executive for customs strategy and policy, said yesterday his election would give SA the prestige of making “for the first time ever a direct contribution” to the formulation of global customs policy.
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Business Day
Tuesday, July 06, 2010
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SARS will take money owed from defaulters’ bank accounts
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Sanchia Temkin
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The South African Revenue Service (SARS) is set to get tough on tax offenders by taking money they owed the taxman out of their bank accounts and by attaching their salaries, SARS commissioner Oupa Magashula warned yesterday. “We are firing our guns,” Mr Magashula said, adding that he hoped that tax offenders would come forward now before the process began in September.
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Business Day
Friday, July 02, 2010
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Small firms to get new accounting rules
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Sanchia Temkim
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SA’s auditors and accountants are overwhelmingly in favour of a new accounting standards framework for the country’s more than 2-million small business units, according to a recent study carried out by the South African Institute of Chartered Accountants. The new accounting framework is intended to simplify the accounting process and reduce audit fees for the majority of small businesses. Ewald Müller, senior executive of standards at the institute, said at the weekend that the requirements of international financial reporting standards —
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Business Day
Monday, June 14, 2010
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Margins, politics keep finance officers awake
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Sanchia Temkim
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Margin pressures are the most significant risk factor that chief financial officers will encounter over the next year. Together with political uncertainty, this is keeping executives awake at night. These are some of the findings of the second chief financial officer survey recently issued by Deloitte. The Deloitte 2010 chief financial officer study covered the full industry, turnover and experience spectrum of 200 of SA’s top companies, including listed and unlisted entities in the private sector and major state-owned enterprises.
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Business Day
Thursday, June 10, 2010
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Encouraging litigation
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Evan Pickworth
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When the new Companies Act comes into effect this year, company directors and officers face a heightened risk of litigation. They will also need to be more wary of what they say. The competition commission has broadened its focus to monitor practices that might lead to collusive agreements — such as sharing sensitive information between competitors. Increased shareholder activism and the extension of liability to a wider class of persons means SA is likely to follow the trend in the UK and Australia
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Financial Mail
Friday, June 04, 2010
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SA ‘sunny place for shady people’
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Sanchia Temkim
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Among financial services companies there is a general absence of a culture of compliance with legislation governing the sector, and this needs to be addressed, according to compliance experts. Despite extensive legislation, SA had become a “sunny place for shady people” as the levels of crime and seeming absence of consequences from it had resulted in “greater levels of acceptance of all kinds of legal and moral transgressions”
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Business Day
Friday, May 28, 2010
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Black Economic Empowerment (“BEE”) was meant to have found itself on more certain ground with the gazetting of the Codes of Good Practice in 2007. After all the years of anticipating an end to the moving targets and constantly shifting playing fields, the South African business community had cause to celebrate the birth of a decade of BEE certainty as the Codes superseded the plethora of sector charters and corporate self regulation.
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