At this stage South Africans are well aware of the global economic downturn, with job losses this year in excess of 500,000. As the pre-eminent tax professional body in South Africa, the Institute supports its Members during the current economic downturn. The Membership department has therefore developed programs to ensure that unemployed Members continue to have access to professional development and continue their professional advancement.

There are several support services available including:

• Free attendance at CPD seminars.
• Free DVDs and notes of previously presented seminars and workshops.
• Tax career guidance.
• Guidance for setting up a tax practice.
• Open access to SAIT office for free internet and fax service.

Yours truly,
Stiaan Klue
Chief Executive

The SA Police Services Commercial Crime Unit in Welkom on Wednesday arrested a well-known business man from the Welkom mining industry in connection with suspected tax fraud of R20m.

GLOBALLY increased regulatory and tax scrutiny is under way in the light of world leaders’ efforts to eradicate the shadow financial system, according to a recent study.

As the provisions of the Income Tax Act, and indeed other fiscal statutes, become more complex, so to do the compliance requirements resting on taxpayers. The accounting records that are maintained for financial accounting reporting purposes are, increasingly, no longer adequate for tax purposes.

The us Internal Revenue Service (IRS) might request names of American clients from other banks, Switzerland's chief negotiator in the UBS tax case said yesterday after the Swiss government agreed to hand over UBS account details. "It is possible that the IRS will ask for more data on US customers at other Swiss banks," said Michael Ambuehl, who led discussions for the Swiss foreign ministry.

Finance Minister Pravin Gordhan will make his first policy statement on October 27, when he presents his mid-term budget. In February, former finance minister Trevor Manuel announced a projected deficit between revenue and expenditure of R95.6 billion, equal to about 4 percent of gross domestic product.

The official launch of the UK based Advanced Diploma in International Taxation will be held at Edward Nathan Sonnenbergs Inc on 17 September 2009. The Chief Executive of the UK Chartered Institute of Taxation, Peter Fanning, will be present to unveil the qualification with SAIT Chief Executive, Stiaan Klue.

The Institute support members during the current economic downturn. The Membership department have developed programs to ensure unemployed Members continue to have access to professional development and continue their professional advancement.

The SARS practitioner's unit published newsletter 23/2009 to assist practitioners with guidance on certain operational issues at branch offices, as well as to ensure a standard way of providing service to the tax practitioner community.

The latest practitioners' issues list can be downloaded by visiting our website.

SARS released a new version of Easyfile for Practitioners. It now has even more functionalities, like the ability to now also do VAT and provisional tax, and to sort feedback from SARS according to your own criteria.

The first turnover tax interim payment is due by 31 August 2009. The first interim payment must be based on an estimate of the taxable turnover of your business for the full year of assessment and must amount to 50% of the turnover tax that is payable on this estimate.

The final response document on submissions made by stakeholders on the draft Taxation Laws Amendment Bills, 2009 has been released this week by National Treasury and SARS.

This interpretation note provides guidance on the interpretation and application of section 11D, which provides deductions for scientific or technological research and development (R&D).

SARS published binding private ruling no. 42 on 28 August 2009. The ruling deals with whether investors in a film partnership will qualify as film owners for purposes of section 24F, and when the section 24F allowance may be claimed.

Gibraltar and Australia have signed a bilateral agreement for the exchange of information for tax purposes. This brings to 5 the number of such agreements that Gibraltar has entered into.