National Property Portfolio on Auction

National Property Portfolio on Auction
Loading

SARS to tackle tax fraud

May 8 2012 at 07:44pm
By SAPA

Comment on this story

IOL pic Sars_taxpayers001

INDEPENDENT NEWSPAPERS

After tackling VAT evasion with considerable success, the SA Revenue Service will take on rampant tax fraud in the construction sector, Commissioner Oupa Magashula said on Tuesday.

Magashula told Parliament's standing committee on finance that construction was the least tax compliant of all sectors of the formal economy.

This was particularly troubling, he said, because contractors who secured government tenders received large sums of public money for projects.

“Given that this sector receives a significant portion of public infrastructure spending from the fiscus, compliance is even more critical.

“We intend to ensure that those companies benefiting from public sector tenders maintain their compliance for the duration of the contract and don't only need a tax clearance certificate at the beginning of the process”.

Magashula announced in October last year a new verification system had prevented some R4 billion in VAT fraud. He said this figure had grown to R11 billion in recent months.

The new VAT system gave people who filed suspicious refund claims the option to submit more supporting documentation, or required them to revise their declaration. - Sapa


sign up
 
 

Comment Guidelines


  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

     

Join us on

 IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks
IOL Travel

Make sure you find the best available airfares with our easy-to-use search engine.

Travel_pic_enw
Sudoku