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New B-BBEE codes unveiled! Find out what this means for your business...
Trade and Industry Minister Rob Davies has unveiled the new Broad-Based Black Economic Empowerment (B-BBEE) codes of good practice. Davies announced the new codes yesterday at the B-BBEE summit in Midrand. Reports suggest the codes will be published in the Government Gazette on October 11. Read on [read more...]Department of Trade and Industry set to announce new B-BBEE codes...
The Department of Trade and Industry, together with the Black Economic Empowerment advisory council, will announce new Broad-Based Black Economic Empowerment (B-BBEE) codes of good practice at a summit on 3 and 4 October, Fin24 reports. Read on to find out how this announcement could affect your [read more...]Industrial Action Report finds SA recorded the highest number of strikes last year
A 2012 Industrial Action Report tabled by the Department of Labour (DoL) has showed a significant increase in the number of strikes last year, compared to the previous four years, EyeWitnessNews reports. According to the report, there were 99 strikes recorded last year alone. Here are the key [read more...]by FSP Business, 11 October 2013 |
When you've lodged an objection, SARS will compare it to its own reasoning and then decide on the facts of the case.
If SARS finds your objection invalid, you have 10 days from the day of the notice to submit an amended objection, says the Practical Tax Loose Leaf Service.
Do you know how to resubmit an invalid objection?
When you resubmit an invalid objection, you must complete the again and complete the Extension Request field.
Attach all documentation detailing that you're resubmitting an amended objection.
Please note that any outstanding amounts owed to SARS will continue to accrue interest. You can pay the amount under objection (to avoid any further interest) or wait until the objection is resolved.
If you wait and your objection isn't successful, you'll be held liable for the outstanding amount as well as the interest. PLUS, the interest accrued from the due date to the date that your objection is finalised or you make payment.
But, if your objection is successful you'll be entitled to a reversal of the accrued interest.
Keep in mind SARS can insist you pay the outstanding amount (and interest) before they proceed with your objection. This is commonly referred to as 'pay now, argue later'.
The Practical Tax Loose Leaf Service recommends that, if you can afford to pay the incorrect assessed tax, then do so. SARS sees it as a positive if you pay the assessment in good faith (you're being a good taxpayer, which reflects well on your objection). Once your objection is successful, SARS will issue you with a reduced assessment and refund you any excess tax you've paid.
How does on stop bullying by a senior staff member after one has spoken to the sole owner who did nothing about it [see the answer]