SARS starts to target buyers of luxury goods

ATL-Editor 7 September 2022

Article originally published by NEWS24

The SA Revenue ServiceTax authorities are fundamental institutions within government frameworks, overseeing tax assessment, collection, and administration. Their operations ensure that tax laws are enforced and public funds are collected efficiently. This article delves into tax authorities' purpose, responsibilities, and structure, offering insights into their essential role in supporting government functions and economic stability. What is a Tax Authority? A tax authority is... (SARSThe South African Revenue Service (SARS) is the official tax authority responsible for the administration and enforcement of tax laws in South Africa. It plays a crucial role in managing the country’s fiscal policy by collecting revenue, administering customs, and ensuring compliance with tax legislation. Established under the South African Revenue Service Act, No. 34 of 1997, SARS functions independently...) is investigating luxury-goods purchases as part of a clampdown on individuals it suspects are deliberately hiding sources of income from the authorities.

“We’re starting to look at who is buying luxury apparel and we’re trying to find out where do these people get their money,” Chief Revenue Officer Johnstone Makhubu said Monday at a conference hosted by The South African Institute of Taxation. The project is a step toward giving tax authorities a broader view of people that “aren’t in our purview that we’d like to bring into the net,” he said.

Read the rest of the article at NEWS24.com:

https://www.news24.com/fin24/economy/sars-starts-to-target-buyers-of-luxury-goods-20220905

Categories: Africa, South Africa

Tags: luxury goods, SARS

ATL-Editor

S.Africa: A South African tax official explains the approach of the South African Revenue Service’s to the transfer pricing treatment of intangibles

SARSThe South African Revenue ServiceThe South African Revenue Service (SARS) is the official tax authority responsible for the administration and enforcement of tax laws in South Africa. It plays a crucial role in managing the country’s fiscal policy by collecting revenue, administering customs, and ensuring compliance with tax legislation. Established under the South African Revenue Service Act, No. 34 of 1997, SARS functions independently... (SARSThe South African Revenue Service (SARS) is the official tax authority responsible for the administration and enforcement of tax laws in South Africa. It plays a crucial role in managing the country’s fiscal policy by collecting revenue, administering customs, and ensuring compliance with tax legislation. Established under the South African Revenue Service Act, No. 34 of 1997, SARS functions independently...) is the official tax authorityTax authorities are fundamental institutions within government frameworks, overseeing tax assessment, collection, and administration. Their operations ensure that tax laws are enforced and public funds are collected efficiently. This article delves into tax authorities' purpose, responsibilities, and structure, offering insights into their essential role in supporting government functions and economic stability. What is a Tax Authority? A tax authority is... responsible for the administration and enforcement of tax lawsTax laws form the backbone of any nation’s revenue system, setting the rules that govern how individuals and corporations contribute financially to support government functions. These laws define the types of taxes, the applicable rates, and the regulations regarding payment and compliance. They also outline the rights and obligations of taxpayers, ensuring a balanced and fair approach to funding public... in South Africa. It plays

ATL-Editor 29 April 2015

0 Comments

Canada: TP case – Cameco’s Canada Tax Court Victory Brings Relief for Companies

Canada: Cameco’s Canada Tax Court Victory Brings Relief for Companies • Court rejects government’s arguments of “sham” transactions • Lawyers divided on whether ruling harms OECDThe Organisation

ATL-Editor 3 October 2018

0 Comments

Byrnes’ Comments on the OECD’s “Unified Approach” to Allocation of Profits of Digital Business

BEPSBEPS stands for "Base Erosion and Profit Shifting". BEPS refers to tax avoidance strategies used by multinational enterprises (MNEs) to exploit gaps and mismatches in the international tax system. By shifting profits from high-tax jurisdictions to low- or no-tax locations, MNEs reduce their overall tax burden, even if little to no economic activity occurs in the low-tax jurisdictions. These practices erode..., DIGITAL SERVICES TAX, DIGITALIZATION, OECDThe Organisation for Economic Co-operation and Development (OECD) is an international organisation comprising 38 member countries, established to foster economic growth, trade, and development on a global scale. Founded in 1961, the OECD provides a forum for governments to collaborate, share policy experiences, and develop solutions to common economic challenges. The OECD's core mission is to promote policies that improve..., PERMANENT ESTABLISHMENTS, TRANSFER PRICINGTransfer pricing is a fundamental concept in international taxation that defines the pricing methods and rules applied to transactions between related entities within a multinational enterprise (MNE). In the context of tax regulations, it governs how prices for goods, services, or intangibles (such as intellectual property) are set when these items are exchanged between different branches, subsidiaries, or affiliates of... William Byrnes (Texas A&M University Law)/October 10, 2019 In my International TaxationFOR MORE INSIGHT ON INTERNATIONAL TAXATION, PLEASE READ THIS ARTICLE: Introduction to International Taxation: Key Concepts & Guidelines International Taxation encompasses the framework of laws, principles, and treaties that govern the tax obligations of individuals and entities engaged in economic activities that span multiple jurisdictions. This field addresses how income, profits, and gains are taxed when operations or investments extend... class tomorrow (October 10th) we are going to discuss the OECD’s

ATL-Editor 10 October 2019

Cook Islands: FATCA’s impact – this paper applies to many other offshore centres

April/May 2015[1] Impact of FATCA on Cook Islands Entities[2] TABLE OF CONTENTS Background The key differences between FATCA and IGA Models 1 and 2

ATL-Editor 27 April 2015

0 Comments

OECD secretariat invites public input on the Global Anti-Base Erosion (GloBE) Proposal under Pillar Two

In May 2019, the OECDThe Organisation for Economic Co-operation and DevelopmentThe Organisation for Economic Co-operation and Development (OECD) is an international organisation comprising 38 member countries, established to foster economic growth, trade, and development on a global scale. Founded in 1961, the OECD provides a forum for governments to collaborate, share policy experiences, and develop solutions to common economic challenges. The OECD's core mission is to promote policies that improve... (OECDThe Organisation for Economic Co-operation and Development (OECD) is an international organisation comprising 38 member countries, established to foster economic growth, trade, and development on a global scale. Founded in 1961, the OECD provides a forum for governments to collaborate, share policy experiences, and develop solutions to common economic challenges. The OECD's core mission is to promote policies that improve...) is an international organisation comprising 38 member countries, established to foster economic growth, trade,

ATL-Editor 8 November 2019

Related Articles