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South African Tax Service Pursuing Cash And Carry Businesses

by Lorys Charalambous, Tax-News.com, Cyprus

21 April 2016


As part of its new approach to combat tax non-compliance in several sectors in South Africa, the South African Revenue Service (SARS) has concentrated recently on cash and carry businesses.

Following on-site inspections over the last month of more than 100 cash and carry businesses in Gauteng (the South African province that includes Pretoria and Johannesburg and accounts for around one-third of the national economy), tax audit assessments in the sector have raised more than ZAR600m (USD42.2m) over the past financial year.

To date, SARS has found at least 50 percent of these businesses to be non-compliant with regards to registration, filing, or payment. There is also a significant risk of under-declaration due to poor record keeping and high volumes of cash transactions.

SARS Commissioner Tom Moyane emphasized: "SARS is closing in on those who under declare on their tax liability, both individuals and companies. We encourage all taxpayers to ensure their affairs are in order and they are contributing their fair share towards the cost of running the country."

TAGS: individuals | South Africa | compliance | tax | business | value added tax (VAT) | tax compliance | law | tax authority | penalties | retail | Africa

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