The ability of tax practitioners to obtain SARS Rulings on behalf of clients or their employers has changed the Tax Practice Management landscape for ever. The issue of tax opinions are now fast losing its commercial value, despite the TAA allowing for remittance of penalties under section 223(3) where an opinion has been issued. The problem with tax opinions are, simply, that they remain only opinions.
One may safely assume that all recent tax disputes that ended in the courts are backed by one or even multiple tax opinions, on which SARS disagreed and, more often than not, it appears that the courts agree with SARS. On items of large value, complex transactions and transaction specific arrangements, obtaining a view from SARS upfront is not only considered professionally prudent, but often a necessity. Simply put, without proactive risk management, there will almost definitely be an external or SARS auditor asking questions later. The SARS Ruling team includes some of the most respected technical resources, thus before promising a client a ruling, there are some important basics to consider
In this webinar we will be discussing:
- the role of the Advance Tax Ruling system in modern tax practice risk management;
- the role of the Advance Tax Ruling system in tax risk management for taxpayers;
- When you should apply for an Advance Tax Ruling;
- Examples of when you can’t apply for an Advance Tax Ruling and other options available to you such as nonbinding private opinions;
- The type of ruling you should be applying for, including special treatment for VAT;
- How to correctly present the facts to SARS, understanding the ruling process and giving your clients legal certainty; and
- The application process on efiling, step by step, including application fees and other items which are important when offering this service to your clients.
Nico, previously from PKF/Grant Thornton, holds the degrees, BCom Law (cum laude), BCom Honours Taxation and MCom Taxation (SA and International Tax) and is also a registered Master Tax Practitioner with SAIT. Nico specialises in corporate income tax, value added tax and employees’ taxes, more specifically in the context of tax dispute resolution and ruling applications.
This event and successful completion of the online assessment will secure 2 hours verifiable output TAXCPD points/units.
Including the following professional bodies. (AICA, CIMA, SAIPA, SAIBA, ACCA, FPI, CSSA, LSSA, FISA, ICBA, IAC, AAT)
This webinar does not form part of the CPD subscription package
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