Print Page   |   Report Abuse
News & Press: Opinion

Sars audits in cash and carry sector raise assessments of more than R600m

21 April 2016   (0 Comments)
Posted by: Author: Sowetan Live
Share |

Author: Sowetan Live

Audit cases concluded in the cash and carry sector in the past financial year have raised assessments totalling more than R600-million‚ the South African Revenue Services (Sars) said on Wednesday.

The tax collector also reported that its "crackdown on non-compliance has resulted in on-site inspections of over 100 cash and carry businesses in Gauteng over the last month”.

This crackdown‚ a Sars statement said‚ is part of the new focused approach‚ launched in December 2015‚ which involves on-site inspectors performing "compliance checks to identify registration‚ filing non-compliance and thus flag any suspicious businesses”.

"To date‚ Sars has found at least 50% of these businesses to be non-compliant with regard to registration‚ filing or payment‚” it said.

While "there is a significant risk of under declaration due to poor record keeping and high volumes of cash transactions in this sector”‚ Sars said "registrations are now being conducted as well as follow-ups on outstanding returns‚ collection of outstanding debt and further risk-profiling for full audits where there is evidence of under declaration and collection of outstanding debt”.

"The relevant penalties are being applied where applicable‚” Sars said.

"Where there is evidence of gross negligence and/or intentional tax evasion‚ SARS will institute criminal investigations that may lead to criminal prosecution.”

This article first appeared on sowetanlive.co.za.


WHY REGISTER WITH SAIT?

Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.

MINIMUM REQUIREMENTS TO REGISTER

The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.

Membership Management Software Powered by YourMembership  ::  Legal