In an effort to combat money laundering and terrorist financing, the South African government introduced the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act 22 of 2022, which came into effect on April 1, 2023
The South African Revenue Service’s Commissioner Edward Kieswetter stated that the agency has increased its use of data to provide a more streamlined experience for customers. In a discussion with Wits Business School, Kieswetter said: “We use data to do risk profiling of every taxpayer. We use data and artificial intelligence to select taxpayers for…
As of March 2022, it has been revealed that the Irish Tax Authority (ITA) has contacted Airbnb Ireland UC (Airbnb), for the disclosure of specific information regarding income earned from the online accommodation booking platform, which includes both present and past transactions. This followed after the South African Revenue Service (SARS) sent…
The 10 Best Accounting Tools for Small Businesses in 2021 As a small business owner, there is a lot to consider when starting up, one of these elements being the need for accounting expertise and keeping your financials in check. The question then is can you justify and afford a personal business accountant? Many small…
For SME’s the anticipation of the budget speech ended up on quite an anti-climax as there was a lack of focus on small businesses. However, with the small businesses at the back of the queue, the Department of Small Business Development has allocated R4 billion over the medium term to township and rural enterprises, including blended finance initiatives…
A new draft legislation proposes to remove the ‘intention’ concept from tax crimes which means you can break the law without you knowing it or without you intending to do so when it comes to SARS…
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