n Tax Breaks Newsletter - More teeth and greater complexity in the new rules : reportable arrangements

Volume 2006, Issue 250
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Extracted from text ... Moneyweb's TAX BREAKS November 2006 7 REPORTABLE ARRANGEMENTS More teeth and greater complexity in the new rules By ERLE KOOMETS THE DRAFT Revenue Laws Amendment Bill, 2006 introduces a new Part IIB into the Income Tax Act to deal with "reportable arrangements". The new provisions replace and revamp the old section 76A and come into force on 1 January 2007. One of the most potent weapons in SARS's arsenal against tax avoidance is the requirement that taxpayers are obliged to tell SARS about arrangements they have entered into that may fall foul of the general antiavoidance provisions of the Income Tax Act. Such early warning puts SARS in a position to act quickly and invoke its powers to deal with improper tax-avoidance schemes. ..

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