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Despite the promising initiatives implemented under the South African Revenue Service’s (SARS) acting Commissioner Mark Kingon, its tribulations in meeting its collection targets have not yet waned, with payroll audits falling under its enhanced collection efforts to make up the shortfall.
Testimony by SARS Executives at the Commission of Inquiry into Tax Administration and Governance by SARS has led to widespread reporting in the media that the eFiling system is on the verge of collapse.
A major concern on the minds of business and the public in general is how tax revenue collections are performing and whether we can expect further tax increases in the 2019 Budget.
It is just over a year since the Office of the Tax Ombud ("OTO") released its report dated 4 September 2017, entitled, "The Investigation in Terms of 16(1)(b) of the Tax Administration Act 28 of 2011 into Alleged Delayed Payment of Refunds as a Systemic and Emerging Issue" ("OTO Report").
Are financial advisers ready for the combined impact of COFI and AI?