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How to weather the tax storm

08 June 2017   (0 Comments)
Posted by: Author: Nico Theron
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Author: Nico Theron (Unicus Tax)

Based on the latest report released by STATS SA, the South African economy has moved into recession with a reported decrease of 0.7% in GDP during the first quarter of 2017. The bad economic climate impacts SARS’ revenue collection and is without a doubt a contributor to the recent increase in tax audits and additional assessments experienced by taxpayers. The bad news for taxpayers is, the worse the economy gets, the more aggressive SARS is likely to be to ensure revenue targets are achieved.

While taxpayers should respect SARS’ right to collect revenue, SARS at the same time should comply with its obligations to ensure additional assessments are raised following due process and in line with the empowering provisions in tax law.  Whilst there are of course numerous factors to be considered such as exceptions to rules and exclusions, we briefly set out below some of SARS’ obligations during a tax audit as well as when SARS can raise an additional assessment.

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This article first appeared on unicustax.co.za.


 

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