The CFO FORUM Group of Chief Financial Officers of major JSE listed and larger state-owned companies Our aim is to contribute positively to the development.

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Presentation transcript:

Presentation by the CFO FORUM to the Standing Committee on Finance 16 September 2015 Marc Lewis

The CFO FORUM Group of Chief Financial Officers of major JSE listed and larger state-owned companies Our aim is to contribute positively to the development of South Africa’s policy and practice on financial matters that affect large business Formed in 2011 with no specific industry bias

The Efforts of SARS and National Treasury Commitment to offer balanced views in engagements with key stakeholders SARS and NT to be congratulated on their efforts to bring SA tax system and administration in line with world class standards Moderation to excessive administrative powers balance the interests of business and tax collector Perception of fairness and equity is an incentive for voluntary and full compliance Parties should work towards reciprocal trust and transparency

2015: TAA Proposed Amendments Extension of the prescription period Prescription provides certainty to both business and SARS Investigations involving long elapsed tax years unduly absorbs resources of business System changes Staff turnover Document archiving Proposed amendment would provide SARS with excessive power – assessments kept open for up to eight years Remedies in case of fraud and misrepresentation   Unilateral power granted to SARS is out of the ordinary and does not compare favourably to other jurisdictions

2015: TAA Proposed Amendments Powers to interview third parties Enquiry procedure which safeguards taxpayers already exists Proposed amendment possibly administratively unfair – taxpayer already bears the onus of proving that an assessment is incorrect Employees interviewed despite Relationship to or knowledge of tax affairs Without consent from taxpayer Without knowledge of taxpayer Without authority from taxpayer   Original purpose of this section – informal interviews to obviate need for further audit – now nullified

2015: TAA Proposed Amendments Provisional tax payments based on increased estimates by SARS SARS’ decision on increased provisional tax estimates is now final Constrains cash flow of business in variable economic times and volatile commodity prices Remedy through the courts is costly and inefficient for both business and SARS

2015: TLAB Proposed Amendments Rebate for foreign taxes – s 6 quin Removal contrary to South Africa’s objective of becoming a regional services centre for the rest of the African continent A strong case was made by National Treasury when Rebate introduced in 2011 Removal will impact profitability of businesses that support that policy intention – double tax Intention behind the Rebate was for SARS to liaise with the foreign revenue authorities to ensure that the provisions of the tax treaties are respected Partial relief in form of a deduction does not assist ATAF?

THANK YOU AND QUESTIONS