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Pravin Gordhan wanted rules ordering SARS to give information to the Treasury

June 3, 2017
Pfumo Tax and Accounting
5/31/2017
Edition 5

Pravin Gordhan wanted rules ordering SARS to give information to the Treasury

The former finance minister had often complained about SARS’s lack of accountability to Treasury and its failure to give it information to ensure smooth tax administration

Before his abrupt removal from office, former finance minister Pravin Gordhan was planning to introduce regulations that would require the South African Revenue Service (SARS) to supply the Treasury with information under the Value-Added Tax Act and Income Tax Act.

The need for the regulations no doubt arose out of the acrimonious relationship between Gordhan and SARS commissioner Tom Moyane.

Gordhan frequently complained about the lack of accountability of SARS to the Treasury and its failure to provide it with information. Whether new

Finance Minister Malusi Gigaba implements the plans remains to be seen.

In a parliamentary question, DA MP Alf Lees wanted to know the details of the information that the Treasury required from SARS.

Gordhan gave notice of the amendments relating to obtaining information from SARS in his February budget speech in the National Assembly.

In his written reply — before his ousting in a Cabinet reshuffle — Gordhan said the Income Tax Act and the Value-Added Tax Act made provision for the finance minister to make regulations prescribing, among other things, the information that the minister may require from the SARS commissioner to ensure smooth tax administration and optimal revenue collection.

“The proposed regulations will be made only after the amendment bills have been passed into law,” Gordhan said.

 

Source: Business Day by Linda Ensor.

This months Featured Customer of the month is…

NOT a customer!

Rather we are pleased to introduce our newest staff member viz:

Sandile Masemola

Sandile joins us as a young, aspiring accountant.

He has completed all but 3 modules towards his Bachelor of Commerce (Accounting) degree from the University of Johannesburg, was awarded best grade 10 – 12 learner in Economics at school, and was a previous ABSIP President nominee.

He has recently completed his outstanding exams and we are all ‘holding thumbs’ pending receipt of the results.
Sandile replaces Drew who has left Pfumo to pursue his own business in the film making industry.

Please join us in welcoming Sandile to the business and wishing Drew all the best in his new endeavors.


Did you know?

Pfumo is a proud supporter of ‘Stand with Stan’.

A charity dedicated to providing prosthetic limbs to those who can’t afford them.

Stan is looking for donors to commit to as little as R50-00 a month to assist in returning mobility to someone less fortunate.

If you think you can help, please contact Stan on the below details:

Email: info@standwithstan.co.za
Web: www.stanandrews.co.za

NB. Thank you to all those that have responded thus far and for your generous pledges and donations!

Don’t forget your 30 seconds fix!

30 SECONDS…

At Pfumo, we not only offer a range of products aimed at helping the entrepreneur, but also an easy payment plan aimed at helping with cash flow.

Our services include inter alia bookkeeping, payroll, VAT, financial statements and taxes.

For a fixed monthly fee, we can structure an arrangement that includes services applicable to suit each clients’ specific needs.

While each arrangement is different, our objective is to relieve the business owner of as much of the accounting function as is possible thus allowing you, the entrepreneur, more time to focus on what you do best. Running your business.

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http://www.bni-jhb.co.za/bni-johannesburg-north-bni-legacy/index.php