Accounting weekly

Tax

New SARS technology to go after tax-dodging South Africans

The South African Revenue Service (SARS) has announced a major tech shake-up as it focuses on data-driven insights, self-learning computers, and artificial intelligence, reports BusinessTech. SARS Commissioner Edward Kieswetter said that the new focus follows an extensive consultation campaign with staff which has redefined the tax collector’s strategic objectives. This has created a need for …

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The costly business of trying to get accountants of the right calibre

There’s tension between what the education system delivers and what accounting and tax professions require, reports Amanda Visser at Moneyweb. There have been plenty of discussions about the decline in the number of students taking and actually passing accounting and mathematics at school level in South Africa. Yet people shy away from questions around the …

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Can SARS revoke your tax compliant status without following the law? And other regulatory updates

It’s been a busy few weeks leading up to the year-end break, with a number of important developments impacting the lives of professional accountants. There were a raft of court cases that impact accountants and some new legislation that we need to understand. This article is compiled with the assistance of Saiba technical staff. A …

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How Western accounting firms have facilitated state looting in Africa

The connivance of African political elites with Western accounting and consulting firms has enabled the wholesale looting of state-owned enterprises in Angola and South Africa, leaving our people poorer and our governments less capable of delivering essential services, reports Shannon Ebrahim at IOL. The fact that 30% of Angola’s population lives on less than $1.90 …

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Tax havens resist efforts to open books

Eighteen months ago the British government ordered UK-based tax havens to publish a register showing who owned the companies registered in these territories. None of the tax havens has yet delivered the registers, and some have openly defied the government.

Increase small business tax threshold

The South African Institute of Professional Accountants (SAIPA) has some advice for Finance Minister Nhlanhla Nene when he delivers the annual budget speech next month. It’s all about giving small businesses a break and being smarter about how he slices up the pie, SAIPA said in a media statement.

IRS rehires misbehaving employees

The Treasury Inspector General for Tax Administration (TGTA) in the US claims that the Internal Revenue Service (IRS) is placing the IRS and taxpayers at “an increased” risk by rehiring hundreds of former employees with prior conduct or performance issues, including failure to file their taxes, falsifying official forms and misuse of IRS property