CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. SAICA Hits Out At Revenue Laws Amendment Bill

SAICA Hits Out At Revenue Laws Amendment Bill

by Robert Lee,, London

29 October 2002

The South African Institute of Chartered Accountants (SAICA), commenting on the release of the Revenue Laws Amendment Bill last week, suggested that rather than simplifying the country's tax code for the benefit of taxpayers, the new legislation actually complicates matters.

Despite containing some 200 pages of amendments, the bill - released by the Treasury last Wednesday - was apparently not intended to represent any change in tax policy, but was designed to clarify and correct existing tax laws.

However, speaking to a paliamentary finance committee, SAICA's tax committee chairman, Beric Croombe suggested that the retroactive nature of some of the provisions contained within the new bill will disadvantage those taxpayers who have already made returns under the old system, and argued that several of the changes introduced under the amendments will actually have 'a marked impact in the tax planning and offshore structure of SA multinationals.'

Mr Croombe went on to observe pointedly that: 'We strongly believe that SA Revenue Service (SARS) should now promote tax certainty by providing the SA business and tax community with tax legislation that does not change annually.'

Locally-based Business Day news service quoted the tax committee chief as noting that the Revenue Service seems to be 'increasingly shifting the administrative burden onto taxpayers, which requires taxpayers to be totally familiar with very complex tax legislation or face stiff penalties for noncompliance.'

'We believe that it is critically important for SARS to improve their staff's knowledge of these laws so as to assist taxpayers in complying as opposed to almost abdicating responsibility in this regard,' Mr Croombe concluded.

To see today's news, click here.


Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »

Stay Updated

Please enter your email address to join the mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.

To manage your mailing list preferences, please click here »