SA revenue service considers textile sector as strategic

27 Aug '13

4 min read

-The new Tax Administration Act has introduced additional investigative powers which will be utilised more frequently as non-compliant entities become more creative. By way of an example, SARS has recently executed a search and seizure on a high risk subject in Gauteng. In addition a tax inquiry is about to commence on the subject and related entities. With the assistance of the South African Reserve Bank (SARB), more than 90 entities have been identified as part of the scheme and included in the investigation. Apart from over 100 containers detained as part of this operation, SARS will now also institute proceedings to preserve the assets of these entities pending finalisation of the investigation. More such projects are underway.

-A set of new Customs Bills is currently before Parliament and will seek to strengthen the legal means available to SARS to execute its mandate in today’s environment. This process is taking into account identified needs around enforcement and investigations and the imposition of punitive measures by way of a predetermined penalty regime.

SARS remains committed to work with industry stakeholders including organised business, organised labour and NEDLAC to improve the maximum compliance with the law in these strategic sectors.

SARS