President Jacob Zuma has appointed Tom Moyane as the new Commissioner for SARS.
SARS has been without a Commissioner since last year. In 2013, Oupa Magashula quit his job as SARS commissioner following an investigation that found he was involved in a job for pals scandal.
Keep reading to find out what key role players have had to say about the new Commissioner and, more importantly, what this appointment means for your business.
SARS finally has a new Commissioner!
While key role players were expecting someone from inside SARS to be the new Commissioner, they have welcomed Moyane's appointment.
The chief executive officer of the South African Institute of Tax Professionals (Sait), Stiaan Klue, told Money Web
that Moyane's appointment is a positive development.
'The tax industry needs someone from the outside – a new broom that sweeps clean,' said Klue.
He added, 'Moyane's experience as National Commissioner of Correctional Services will stand him in good stead.'
It also seems like role players aren't bothered by the fact that Moyane doesn't have experience in the tax industry.
In the Money Web
report, Dr Beric Croome, a tax executive at ENSafrica
, says when former SARS Commissioner
Pravin Gordhan was appointed he didn't have a tax background either, but he excelled in the role.
'What is critical is that the Commissioner has the staff underneath him who are the specialists on fiscal legislation,' says Dr Croome.
So what does this appointment mean for you as a taxpayer?
*********** Recommended Product ************
Find out how to avoid tax penalties of up to 200% today...
We are a team of tax experts and we'd like to show you how to avoid nasty tax penalties from SARS and save you thousands of rands… maybe even R1 270 150.
Imagine SARS calls you and says they will be doing an audit of your business, you're not worried as you know your accountant has paid all your taxes on time and your finances are up to date.
Following the audit you get an assessment saying you owe penalties of 200% and interest on all the money you owe, which means you will have to liquidate your business!
This is what happened to Mr Da Costa because he didn't know anything about taxes and relied on his accountant to ensure he was paying the correct amount of tax… and paying it on time. Instead he got an assessment of R1 270 150!
If you know your rights and what you should be checking every month you can prevent this situation from happening to you. Here's how
Here's why the appointment of a new SARS Commissioner is significant
This appointment is significant because it means SARS will continue to be a force to be reckoned with.
The new Commissioner will want to stamp his authority and stabilise the organisation and we're certain he won't tolerate non-compliance. He'll be watching you closely.
So we urge you to be honest with your tax affairs and meet all your deadlines to avoid the wrath of an empowered SARS.
PS. Find out how to save R26 983 by keeping an accurate logbook