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November 2015 NEWSLETTER
Digital Disruption Is A Race - Act Now!
“Innovation is the ability to see change as an opportunity not a threat” (Steve Jobs)

New waves of technology are threatening existing business' models and undermining revenue streams.

Recently Paris was brought to a standstill by angry taxi-drivers protesting that their livelihoods were being undermined by Uber. Newspapers from the New York Times to local suburban weeklies are losing most of their revenues to digital advertising.
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“Pay Now Argue Later” Principle: Some Light On The Horizon For Taxpayers 
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For many the principle of “pay now argue later” seems unfair. This principle allows SARS to demand payment of an assessed tax even if the taxpayer is disputing the assessment. In other words the obligation to pay the tax is not suspended.
However unfair it may seem, “pay now argue later” has been accepted by the Constitutional Court.

A recent High Court case has given taxpayers hope that this principle can be successfully suspended in appropriate cases, until a court has reviewed the SARS cision.
 
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Is A Wealth Tax On The Cards? Thomas Piketty And Inequality In South Africa 
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“The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries” (Winston Churchill)

Thomas Piketty has become a global “rock star” economist following the release of his book “Capital in the Twenty First Century”. In the book he argued that the wealthy are getting wealthier, and to reduce this growing inequality he proposed a global wealth tax.

It is well known that South Africa is one of the most unequal societies in the world and thus there was widespread interest in his opinions on our local inequality.
 
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The Tax Ombud Is On Your Side! 
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The Tax Ombud’s Office came into effect in the second half of 2013. Recently the Ombud’s first full year annual report was released.


What is the role of the Ombud? 

The Ombud deals with service problems and administrative and procedural complaints only.  Taxpayers need to have exhausted existing SARS dispute channels before contacting the Tax Ombudsman.

 
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Your PAIA Manual – Time Is Running Out 
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If you were one of those small businesses given additional time to complete a PAIA manual, don’t forget these need be finalised by 31 December 2015. 

Speak to your accountants for assistance; they should have a template manual suitable for your business.
 
Your Tax Deadlines For November 
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2015 Income Tax Return submissions are due on 27 November for non-provisional taxpayers filing on eFiling or non-provisional taxpayers filing electronically at a SARS branch.
 







Disclaimer

The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice.

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