In The News South Africa

Terms of reference for SA Revenue Service to be announced this week, MPs told

PARLIAMENT, May 23 – The terms of reference and members of the commission of inquiry into the South African Revenue Service (Sars) will be announced by the president this week, MPs heard on Wednesday.   Briefing Parliament’s standing committee on finance, National Treasury deputy director general Ismail Momoniat said the commission would look into possible […]

Business In The News South Africa

Prima facie evidence for criminal prosecution against KPGM – EFF

JOHANNESBURG, April 18  – The Economic Freedom Fighters welcomed a decision by the Auditor-General to cancel contracts with embattled audit firm KPMG, and said there was evidence to prosecute some partners. Auditor-General Kimi Makwetu said on Tuesday his office had decided to terminate the KPMG contract, as well as that of fellow auditing company Nkonki […]

Business In The News South Africa

Normal tax rules apply to cryptocurrencies – SARS

JOHANNESBURG, April 10  – The South African Revenue Service (SARS) will continue to apply “normal income tax rules” to cryptocurrencies such as bitcoin and has urged taxpayers to declare cryptocurrency gains or losses as part of their taxable income, Moneyweb reported. “The growing popularity of cryptocurrencies such as bitcoin and ethereum and the rollercoaster ride […]

Lead South Africa

Former SARS officials appear in Pretoria court

TSHWANE, April 9 – Three former senior South African Revenue Services (SARS) officials appeared briefly at Pretoria Magistrate’s Court on Monday where they face charges of corruption and contravention of the Rica Act. Ivan Pillay‚ Johann van Loggerenberg and Andries Janse van Rensburg are accused of bugging the National Prosecuting Authority (NPA) offices in 2007. The matter […]

Business In The News South Africa

SA revenue service says collected R1.2 trillion revenue in 2017/18

JOHANNESBURG, April 3 – The South African Revenue Service said on Tuesday it had collected R1.2 trillion in the 2017/18 financial year ended March 31, slightly below the estimate announced in the budget in February, but up 6.3 percent from the previous year. “The 2017/18 financial year was characterised by distinct and clearly delineated growth […]

Business In The News South Africa

Members of Parliament raise deeper concerns over Capitec

PARLIAMENT, March 20 – Members of Parliament’s standing committee on finance on Tuesday said they were not convinced by assurances that allegations against Capitec are unfounded and called for a proper investigation to protect the bank’s clients. The committee received a briefing from, among others, the South African Reserve Bank’s (Sarb’s) registrar of banks Kuben Naidoo. He […]

Lead South Africa

Mark Kingon appointed acting commissioner for SA Revenue Services

JOHANNESBURG, March 20 – The National Treasury department on Tuesday confirmed that Mark Kingon has been appointed as Acting Commissioner for the South African Revenue Service (SARS). SARS says Moyane facing “ongoing media onslaught” In a terse statement treasury said Kingon’s appointment followed Monday’s suspension of the Commissioner of SARS Thomas Moyane. Earlier reports said […]