Supplementary Budget Speech
Supplementary Budget Speech
The South African Revenue Services will be focussing on measures to broaden the tax base, a few of these include:
- Transfer Pricing and International Taxes: particularly aggressive tax planning using transfer pricing.
- VAT Refunds and Import Valuations: Here the drive will be to “eliminate syndicated fraud related to VAT refunds and import valuations”.
- Use of third-party data: SARS will rely on third party data to find non-compliant taxpayers.
- Debt collection: The aim here will be to improve the collection of outstanding debts and taxpayer compliance.
What the supplementary budget means for you, our client:
- It is clear from the above that we can expect strict enforcement from SARS in their quest to improve tax collection.
- More transfer pricing audits can be expected and the importance of taxpayers having updated transfer pricing documentation is paramount.
- Taxpayers with outstanding tax returns are encouraged to file promptly.
- In cases where information has not been properly declared or has been declared inaccurately to SARS the use of the voluntary disclosure programme is encouraged before detection by SARS using third party channels.
- Funding via the COVID-19 Loan Guarantee Scheme may be more easily accessible. We will communicate the detail of the relaxation measures via our various platforms once it is announced.
Should you require assistance with any of the above please contact one of the partners or tax specialists at PKF Octagon.
This article has been republished with the permission of PKF Octagon
Source: https://pkfoctagon.com/2020/06/25/supplementary-budget-speech/
Disclaimer: No information provided herein may in any way be construed as legal and/or tax advice. Professional advice should be sought with reference to specific background facts before any action is taken based on the information contained herein. We hereby disclaim any responsibility should any person act upon the contents of this publication without due consultation with reference to specific background facts. Accordingly, no person shall have any claim of any nature whatsoever arising out of, or in connection with the information provided herein.
Octagon Financial
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