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May 24 2012 17:31
The Reserve Bank will maintain current interest rates, and a considerable reduction in the local petrol price is anticipated, says governor Gill Marcus.
May 24 2012 15:29
The Reserve Bank will maintain current interest rates, says governor Gill Marcus.
May 24 2012 12:00
Britain fell deeper into recession than initially thought in the first quarter of 2012, upping chances that the central bank could inject more stimulus into the economy.
Johannesburg - The SA Revenue Service has uncovered a R12.5m VAT refund fraud scam, SARS said on Tuesday.
Five Ivory Coast nationals were arrested on Monday in Kimberley for their alleged involvement in the VAT fraud syndicate, Sars said in a statement.
"It is alleged that the suspects, through at least 50 fictitious businesses, claimed millions in fraudulent refunds from Sars," the statement said.
The arrest of the five men followed a five month investigation by Sars, the Organised Crime Unit of the South African Police Service (SAPS) and the National Prosecuting Authority.
"Members of the syndicate allegedly registered fictitious businesses as VAT vendors with Sars with the sole purpose of claiming fraudulent refunds.
"When investigators suspected irregularities and stopped refunds to these entities, attempts were made to recruit and bribe Sars officials to authorise the pay-out of these fraudulent refund claims."
Sars said at this stage of the investigation at least 50 entities were involved with a total prejudice to Sars of R12.5m.
"From documentation seized from the suspects it is highly probable the number of entities involved as well as the prejudice to Sars will increase."
The charges against the accused would include fraud, corruption and racketeering.
They will appear in the Kimberley Magistrate's Court on Wednesday February 18 for a bail hearing, Sars said.
"Sars has recently significantly tightened procedures around registration of entities as VAT vendors as a measure to combat VAT refund fraud."
- Sapa