This feed is published daily with selected new or updated
content from across the Lowtax Network. For a list of Lowtax Network
sites, many of which feature daily news, see
below.
Providing essential tax news and information
for globally mobile artists, contractors, entrepreneurs, professionals,
small businesses, sportspersons and entertainers.
Lowtax Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail.
Tax News: Global
tax news, continuously updated through the day.
Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor.
Law & Tax
News: Daily news and background data on tax and legal developments
for international business.
Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation.
Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources.
US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax.
NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers.
SARS Declares Successful End To SA Tax Filing Season,
by Robert Lee, Tax-News.com, London
Friday, November 30, 2007
The South African Revenue Service (SARS) has announced that taxpayers and tax
practitioners have "overwhelmingly embraced" the new income tax assessment
process introduced this year to simplify and ease the burden of tax compliance.
According to the tax department, at the end of the 31 October 2007 deadline, 3.2 million taxpayers had filed
their tax returns. This was a 20% increase on last year, and represents the first time that the
3 million returns mark has been surpassed.
Tax returns for the current year (2007) numbered more than 2.3 million –
an increase of 6% - and thereby set another record. The filing of outstanding returns
also reached record numbers, with 872,000 returns filed.
However, according to SARS, the biggest success story of the 2007 filing season
campaign so far was the uptake of SARS eFiling.
"We are encouraged by the rate at which taxpayers and practitioners have adopted
electronic filing with more than 940,000 returns having been issued via eFiling
and already more than 250,000 filed. This is an increase of 600% on last year,"
the Revenue Service stated.
SARS still expects about 1 million tax returns to be filed this season, but
this can only be done via SARS eFiling by 31 January 2008. The Revenue Service
is urging those who need to register to do so at the earliest opportunity, as
it anticipates high volumes on its network during January as taxpayers rush
to meet the deadline.
SARS also stated that where the information supplied by taxpayers matches the
information in SARS’s possession, taxpayers can expect reduced turnaround
times in receiving their assessment and, where applicable, refunds. However,
where the information does not correlate, SARS intends to investigate further,
including requesting that taxpayers submit copies of their supporting documents
for review.
SARS has also introduced two new forms to speed up and simplify the objection
process. The first, a Request for Correction, is completed by taxpayers who
have made an error on their return or believe SARS to have made an error. The
second form, a Notice of Objection, is used when the information is accurate
but the taxpayer disputes SARS’s assessment.
"As we continue to roll out the new assessment process and are getting
better at providing better service to taxpayers, we are acutely aware of the
important role employers have in this tax administration process. The provision
information about employees accurately, timeously and electronically to SARS
is vital in offering honest taxpayers with the best response time," SARS
stated.
"We will be engaging with employers over the coming months to work out
systems and procedures to streamline relations with SARS especially where the
provision of taxpayer data is concerned for both this year and preparations
for next year," it added.
One of the web's largest and
most authoritative business and investment information sources. Alongside
topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
Advertising & Marketing
With over 50,000 qualified readers every month our web-sites
offer a number of cost effective, targeted advertising,
sponsorship and marketing opportunities:
Display advertising - from 'skyscrapers' to 'buttons'
Content/article submission and sponsorship
Opt-in email marketing
On-line Services Directory listings
Could your corporate web-site or newsletter benefit
from incorporating regularly updated news and content
tailored to serve your clients' interests? We can provide
a variety of maintenance-free news and content solutions
that can be seamlessly integrated and dynamically delivered:
Click here for a brief introduction
to RSS and instructions on how to get the Tax-News feed.
IMPORTANT NOTICE: THE LOWTAX NETWORK has
taken reasonable care in sourcing and presenting the information contained on
this site, but accepts no responsibility for any financial or other loss or damage
that may result from its use. In particular, users of the site are advised to
take appropriate professional advice before committing themselves to involvement
in offshore jurisdictions, offshore trusts or offshore investments. All materials
on this site copyright THE LOWTAX NETWORK 1999 to 2010. Contact
us for further information.
TAX-NEWS.COM
Free Tax-News Feed