Accounting weekly

Tax

China to scrutinise tax evaders

China has announced a review of the movement of money and allocation of cost among Chinese operations and their overseas businesses.

No initial VAT registration necessary to tender

It is not necessary to be registered for VAT in order to tender for government contracts. Newly founded BEE enterprises – or any new enterprise for that matter – should not be excluded from being considered for tenders.

Senators propose tax incentive to fund US highways

Two US senators, one a Republican and the other a Democrat, proposed a tax incentive for  U.S. companies to bring home their offshore cash stockpiles and pledging to use that revenue to fund highways.

Buffett and IRS resolve dispute

A dispute between NetJets Inc, the private jet-sharing company owned by Warren Buffett’s Berkshire Hathaway Inc, and the U.S. Internal Revenue Service on when and how Columbus-based NetJets should pay federal excise taxes was resolved on Monday, after almost two decades of IRS and federal decisions about the matter.

SARS, Pillay reach settlement: CCMA

The Commission for Conciliation, Mediation and Arbitration said the matter between the South African Revenue Services (SARS) and suspended deputy commissioner, Ivan Pillay, had been settled but lawyers for Pillay would not confirm the outcome of the CCMA-process.

Tax issues take a back seat on SA boards

Around the world, large, listed companies are troubled by cyber-security risks and company taxes, yet these concerns remain fairly low on the priority list of boards of directors, according to Business Day.