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“White collar criminals who commit offences of a certain magnitude must not be permitted a soft landing” (extract from judgment below)
The recent “J Arthur Brown” judgment by the Supreme Court of Appeal (SCA) has received a lot of media attention, and victims of serious crime will take heart from the Court’s robust approach.
Mr. Brown had been sentenced by the High Court to fines and suspended sentences after pleading guilty to two counts of fraud involving “tens of millions of Rand”.
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SARS has the power to impose severe penalties on any taxpayer failing to declare or pay taxes in accordance with law.
For example, in a case recently before the Tax Court, a corporate taxpayer was audited by SARS and found to have overstated input VAT. It was assessed and the taxpayer’s total tax bill more than tripled from R16m to R55m.
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Be careful when buying and selling property that you aren’t held to have lent more than R500,000 to the other party. As a recent High Court case illustrates,that will leave you with no contractual claim to your money.
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