MORE TO IT
I thoroughly enjoyed the insightful piece by Bruce Whitfield entitled King (humble) Pie ( Finweek, 12 September issue).
The South African Revenue Services (SARS) versus Dave King is the longest and the most sophisticated tax battle in SA history. The jury is out on whether the settlement favours SARS or saves Dave King, but at one point SARS issued King with a R2bn tax bill and he has settled with a fraction of that: R706m.
What considerations were made to arrive at the amount, and why allow for such a low settlement? It would be in SARS’s best interest to publish the details of the settlement to build public confidence on how they treat taxpayers irrespective of the amount of wealth they might or might not have. King has shown SARS the middle finger for 13 years and he has been allowed to get off the hook lightly. They can’t prove his wrongdoing and are hoping he plays ball going forward.