n Tax Breaks Newsletter - Taxing issues




Extracted from text ... TAXING ISSUES Kathy Thersby Editor PERHAPS the most important news for our readers - who are mostly involved in small business or the tax industry - is the exemption for tax advisers and accountants from the obligation imposed by FICA to report suspicious transactions. This was a glaring stumbling block to amnesty applications and we're pleased it has now been rectified. Revenue's running at full steam on its legislation side, and issued, on 12 October, a second batch of draft legislation, giving the public just five days for comment - completely unreasonable. Also, SARS has set 2 October 2006 as the date for the enabling legislation for the new Advance Tax Ruling System to take effect - more on this next month. cant cost to the taxpayer. ..


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