oa Journal of Economic and Financial Sciences - Reportable arrangements : tax partner perceptions of some problematic terminology
|Article Title||Reportable arrangements : tax partner perceptions of some problematic terminology|
|© Publisher:||University of Johannesburg|
|Journal||Journal of Economic and Financial Sciences|
|Affiliations||1 University of the Western Cape and 2 University of Cape Town|
|Publication Date||Apr 2014|
|Pages||145 - 186|
|Keyword(s)||Arrangement, Participant, Penalty, Promoter, Reportable Arrangement, SARS, South Africa, Tax Administration Act, Tax Benefit and Tax partner|
The South African Revenue Service (SARS) implemented a more aggressive reporting system in 2008 by introducing new reportable arrangements ('RA') provisions in the Income Tax Act. In March 2010, SARS issued a revised Draft Guide to Reportable Arrangements for public comment. More than three years after its release, there is still no finalised, updated guide available to address the 'new' RA provisions. Determining when arrangements should be reported to SARS therefore remains both problematic and onerous. It is the purpose of this article to examine some of the problematic terminology in an attempt to afford South African taxpayers greater clarity in the identification and disclosure of RAs. The research findings are tested through a survey conducted among tax partners and directors at a sample of 40 leading audit and legal firms in South Africa. The majority of respondents agreed with the conclusions drawn from the literature study.
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