tax compliance online retailers

Reinforcing Tax Compliance Among Online Retailers: SARS Takes Bold Steps

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South African Revenue Service (SARS) is taking firm action to combat tax evasion by international online retailers like Shein and Temu, who have been exploiting tax gaps to provide competitive pricing. SARS is revamping its tax rules and administrative procedures to extract taxes more efficiently from these platforms, and packages will be taxed at 45% plus VAT, the same percentage as local clothing retailers. SARS aims to forge a balanced marketplace for all retailers by plugging these tax gaps and conveying a potent message to online retailers that the era of tax loophole exploitation is coming to an end.

south africa corruption

South Africa’s Battle for Transparency: Waging War Against Corruption

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South Africa’s President Cyril Ramaphosa has made significant strides in the fight against corruption through legal action, asset seizure, and tax law enforcement. The Asset Forfeiture Unit has frozen R14 billion in assets, leading to the restitution of R5.4 billion to the state. Additionally, new legislation is being implemented to safeguard against state capture, and Ramaphosa emphasized the broader societal consequences of corruption. Despite acknowledging the long road ahead, Ramaphosa’s commitment to transparency and accountability is clear.

south african football mamkhize

Financial Struggles of a South African Football Icon

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South African football club Royal AM, owned by MaMkhize, faces financial challenges including an unpaid debt of R12 million to former striker Samir Nurkovic and a R37,915,549.77 tax bill from the South African Revenue Service. The club must pay the tax plus interest calculated from November 2023 until payment date. These financial struggles highlight the importance of fiscal prudence in running a successful football club, and prompt resolution of such issues is crucial to protecting the club’s future.

south africa national treasury

South Africa’s National Treasury Budget Vote 2023/24: Navigating Economic Challenges and Fostering Growth

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The Minister of Finance Enoch Gondongwana presented the National Treasury of South Africa’s Budget Vote for the 2023/24 financial year, highlighting the government’s efforts to foster higher and more inclusive economic growth, address fiscal vulnerability, and stabilize public finances. The total allocated budget for the National Treasury amounts to R34.9 billion, with 85% allocated to transfers and subsidies.