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On 18 June 2017, Medtronic International Trading (“the Taxpayer”) concluded a Voluntary Disclosure Programme (“VDP”) with the South African Revenue Services (“SARS”) as the result of fraudulent transactions of a former employee.
Since the introduction of the Tax Administration Act (hereafter “TAA”) in 2011, the Dispute Resolution Rules have been very strictly applied by the South African Revenue Service (hereafter “SARS”).
South Africa’s recent Grey Listing by the global financial watchdog, Financial Action Task Force (FATF), has forced government to introduce new measures to ensure the country improves its image in combating money laundering and financial crimes. To this end, amendments were made to the Trust Property Control Act, which require trustees to:
This is not only a famous line from the movie Jerry Maguire but also an excellent interpretation of what financial statements do. Show you just where a company’s money comes from, where it goes and where it is right now.
In 2019, the South African automotive industry’s contribution to the GDP was 6.4%, well on its way to reaching the South African Automotive Masterplan (SAAM) 2021-2035 of producing 1% of global vehicle production...