DRASTIC INCREASE IN SARS AUDITS AND REVIEWS
Tax practitioners have seen a drastic  increase in SARS audits and reviews. This is especially prevalent when a refund is expected.  In a bid to recover more than R15-billion worth of debt, SARS has handed confidential taxpayer information to third-party debt collectors who stand to net an estimated R1,5-billion for their efforts. 

Furthermore the Special Stopper was implemented, apparently to prevent fraud. C2M has put together an informal 2 min video to update our clients on these matters. 

Also read the Mail and Guardian article: Taxpayers beware! SARS has unleashed the tax hounds 

The 2016 Personal Income Tax season is now open for individuals. Should you require assistance with your tax return, visit  www.c2m.co.za/tax2016  for more information. 
B-BBEE CERTIFICATES: EME & QSE REQUIREMENTS 
The B-BBEE Commission has recently issued the Practice Guide 02 of 2016.

Exempt Micro Enterprises (EME's) with an annual turnover below R10 million (except for sector specific entities) only require a suitable affidavit to justify their status. 

Qualifying Small Enterprises (turnover between R10 and R50 million) with 51% black ownership  (or more) are awarded an enhanced B-BBEE recognition to supply documentation similar to an EME affidavit to justify their status. 

Click here to download the affidavits or refer to the Practice Guide 02 of 2016.
GOVERNMENT TAKES AIM AT TRUSTS
The  income tax treatment of low interest or interest free loans to trusts has been included in the Draft Taxation Laws Amendment Bill of 2016, with the Bill containing a number of proposals that can prove problematic to the taxpayer. 
Be aware that this has not passed into law, but it will have a fundamental impact on trusts if enacted as it stands.  This early warning gives you more time to consult with your tax adviser.  Should the Bill be enacted one might see a number of trusts unwinding due to their purpose becoming null and void. Read more .