CDH Senior Associate Louis Botha from our Tax & Exchange Control practice joined Jeremy Maggs on Moneyweb to unpack and...
9 likes, 0 comments - cdhlegal on March 4, 2024: "#Interview | CDH Senior Associate Louis Botha from our Tax & Exchange Control practice joined Jeremy Maggs on Moneyweb to unpack and provide insights into the measures taken to improve the South African Revenue Service (SARS).
 
Louis mentioned that the Finance Minister outlined several measures aimed at broadening the tax base, enhancing tax compliance, and improving administrative efficiency. Louis says that the measures include the modernisation and rebuilding of SARS, the establishment of the High Wealth Individuals (HWI) Unit in 2021, and the re-establishment of the Large Business Centre for large corporate taxpayers to its old form. He highlighted that additional funding was allocated to SARS in the previous budget, and the results of the groundwork laid to improve SARS are becoming evident.
 
Louis added that SARS has identified strategic areas to achieve its objectives. One such area is transfer pricing which was specifically alluded to in recent budget and medium-term budget speeches. Transfer pricing involves cross-border transactions in the multinational context, where goods and services are sold and exchanged across borders. Another area of emphasis is the illicit economy where there has been an expansion of the tax register. SARS is actively identifying individuals and companies that should be paying taxes or registered for tax but haven't been and is taking appropriate steps to bring them within the tax net.
 
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#taxandexchangecontrol #SARS #taxcompliance".
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