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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...
As COVID-19 is slowly disappearing along with facemasks and vaccinations, more workplaces around the country are getting back to normal. But what is normal? For some it’s a two day, three day or even a full week back in the office.
The Office of the Tax Ombud (“OTO”) notes that a systemic issue is a matter that can be regarded as the underlying cause of a complaint that impacts or may impact many taxpayers. These issues can arise due to the manner in which SARS systems function, the manner in which SARS drafts and implements policies or procedures, or the manner in which it applies or disregards legislation.
It is no secret that revenue authorities take a keen interest in the unexplained wealth of individuals. In some instances, for example, where wealth is prominently displayed on social media, it may be relatively easy for the South African Revenue Service (“SARS”) to gather information regarding unexplained wealth – as appears to be the case in CSARS v Hamiltonn Holdings (Pty) Ltd and Others (Case No. 2020/35696) where the High Court noted as follows
In the recent case of Rennies Travel v CSARS (20/2021) [2022] ZASCA 83 (6 June 2022), the Supreme Court of Appeal (“SCA”) was required to consider whether a certain commission derived by Rennies Travel, an entity conducting a travel agency enterprise, was subject to VAT at the standard rate or, alternatively, at a zero rate.
![Commissioner for the South African Revenue Service v Medtronic International Trading S.A.R.L [2023] ZASCA 20 (“Medtronic case”)](/media/ghygoekr/pkf-article-thumb.jpg?width=408&height=297&rnd=133433831333270000)
