n Tax Breaks Newsletter - King and SARS reach R700 million settlement over outstanding taxes : from the courts

Volume 2013, Issue 334
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Businessman and tax rebel Dave King has agreed to pay R706.7 million to SARS. The payment relates to tax debts owed by King in respect of his personal income tax and the tax liability of Ben Nevis, a King trust company managed out of Guernsey. The fraud charges against King were not pursued by the State and King accepted liability in respect of 41 lesser counts of contravening Section 75 of the Income Tax Act. This included the failure to disclose information and to provide accurate information about incomes earned.

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