• Inside Labour

    Away with empty rhetoric and slogans - labour needs to focus on real issues, says Terry Bell.

  • Wrap-up: Davos insights

    Alec Hogg speaks about the top three issues at this year's World Economic Forum.

  • Netflix and SA video

    Much of Netflix's potential impact on SA has already been made, says Arthur Goldstuck.

Loading...
See More

Sars to tackle construction tax fraud

May 09 2012 08:12 Sapa

Related Articles

Sars: Large companies avoiding tax in SA

Sars mum on probe of men linked to Malema

Sars slaps firm with R136m tax bill

Sars to clamp down on tax dodgers

Don't miss Friday deadline, says Sars

Gordhan: Warning for tax defaulters

 

Parliament - After tackling VAT evasion with considerable success, the SA Revenue Service will take on rampant tax fraud in the construction sector, Commissioner Oupa Magashula said on Tuesday.

Magashula told Parliament's standing committee on finance that construction was the least tax compliant of all sectors of the formal economy.

This was particularly troubling, he said, because contractors who secured government tenders received large sums of public money for projects.

"Given that this sector receives a significant portion of public infrastructure spending from the fiscus, compliance is even more critical.

"We intend to ensure that those companies benefiting from public sector tenders maintain their compliance for the duration of the contract and don't only need a tax clearance certificate at the beginning of the process".

Magashula announced in October last year a new verification system had prevented some R4bn in VAT fraud. He said this figure had grown to R11bn in recent months.

The new VAT system gave people who filed suspicious refund claims the option to submit more supporting documentation, or required them to revise their declaration.

 
sars  |  fraud  |  construction industry  |  corruption

NEXT ON FIN24X

 

Latest Articles

Fun and inexpensive things to do with the kids Read More...
8 simple ways to earn extra money Read More...
6 motivational tips to help you save this year Read More...
Invest for Income Read More...
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
4 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...