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CityPress - - Tenders & Auctions - COM­PILED BY NEESA MOOD­LEY

EX­TENDED DEAD­LINE FOR DEC­LA­RA­TION OF OFF­SHORE IN­TER­ESTS

The 2016/17 SA Rev­enue Ser­vice spe­cial vol­un­tary dis­clo­sure pro­gramme, or amnesty ap­pli­ca­tion pe­riod, has of­fi­cially opened, and the dead­line has been ex­tended to June 30. The tax penalty in­clu­sion rate has also been re­duced from 50% to 40%, giv­ing South African in­di­vid­u­als and com­pa­nies more time to be tax com­pli­ant.

Cur­rently, you are al­lowed to in­vest up to R10 mil­lion out­side South Africa each year, pro­vided that you have been is­sued with a tax clear­ance cer­tifi­cate.

Tony Bar­rett, a fi­nan­cial ad­vi­sory wealth man­ager at FNB, says that if you wish to re­tain as­sets off­shore, a penalty of 10% on the value of the as­sets, as val­ued on February 29 this year, will ap­ply.

“The penal­ties must be paid out of the off­shore funds. If you elect to re­mit the as­sets back to South Africa, a penalty of only 5% is payable.

“If a lack of liq­uid­ity makes this a prob­lem, the levy can be payable from lo­cal funds, but at a levy of 12% – and the as­sets will re­main off­shore,” he ex­plains.

COM­PE­TI­TION PHISH­ING SCAM

FNB has is­sued a warning about a scam in­volv­ing air­time sales. The scam­mers call un­der the pre­tence of be­ing le­git­i­mate FNB staff mem­bers and will tell you that due to your reg­u­lar pur­chase of air­time and data, you are el­i­gi­ble to en­ter a com­pe­ti­tion where you stand a chance to win a sub­stan­tial amount of money.

They then ask for your cell­phone num­ber and ID num­ber.

How­ever, to en­ter the “com­pe­ti­tion”, you have to ver­ify your de­tails by en­ter­ing your card num­ber and PIN. There is no such FNB com­pe­ti­tion and this is sim­ply a scam to ob­tain your per­sonal in­for­ma­tion and gain ac­cess to your bank­ing de­tails.

You can re­port fraud to FNB on 087 575 9444.

SARS LATE-SUB­MIS­SION PENAL­TIES

With only three weeks left for tax re­turn sub­mis­sions, the SA Rev­enue Ser­vice (Sars) has tabled fixed costs for late sub­mis­sion/ad­min penal­ties.

“Cur­rently, the penalty is only col­lected for late or non-sub­mis­sion of re­turns. Any tax­payer who doesn’t sub­mit their re­turn will be charged this penalty and has to pay the penalty to Sars,” states the Re­ceiver.

The penalty fee is com­prised of fixed-amount penal­ties, as well as per­cent­age-based penal­ties.

“The penalty amount that will be charged de­pends on a tax­payer’s tax­able in­come and can range from R250 to R16 000 a month for each month of non­com­pli­ance,” adds Sars.

The fee will be added on a monthly ba­sis un­til all your out­stand­ing tax re­turns have been sub­mit­ted and all out­stand­ing money has been paid.

Danita de Wet, a tax prac­ti­tioner from Tax Tips, says: “Penal­ties that have al­ready been added to your ac­count for not sub­mit­ting tax re­turns timeously will not be waived.

“The min­i­mum penalty for an in­di­vid­ual is cur­rently R250 per re­turn per month. This means that, where four tax re­turns are out­stand­ing, a min­i­mum penalty of R1 000 per month will be is­sued,” she says.

NEW IN­SURER ON THE BLOCK

Vir­gin Money re­cently launched Vir­gin Money In­surance in partnership with AIG In­surance. The of­fer­ing, which was pre­vi­ously avail­able un­der a partnership with Te­lesure, has been re­launched and will make use of dig­i­tal plat­forms to al­low you to ap­ply for and re­ceive an in­surance quote in less than five min­utes.

Other fea­tures from Vir­gin Money In­surance in­clude:

If you are in­volved in an ac­ci­dent that is not your fault, the claim will not af­fect your three-year no-claims bonus.

The de­fault op­tion on your car in­surance will be re­place­ment value, which means you will be in­sured so that you are able to re­place your car with one that is the same as the one you own.

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