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Top 5 on Fin24: SARS names and shames tax offenders, McKinsey says sorry over Eskom fees and Moyane wants to 'serve the nation'

Jul 09 2018 18:04

Cape Town - A roundup of Monday's top economic and finance reads on Fin24.

SARS starts publishing names of convicted tax offenders

Sars acting commissioner Mark Kingon

Acting commissioner of the SA Revenue Service Mark Kingon was not joking when he said last week that taxpayers failing to file returns would face the law.

On Monday, the tax authority named ten people who it said had been "convicted and sentenced since April 2018 for failure to submit outstanding tax returns". Among them was soccer star Teko Modise.

"We must grab hold of the issue of compliance, for the good of our country," he said at the time.

McKinsey apologises for overcharging Eskom

McKinsey & Company has apologised to South Africa again over how business was handled with state-owned enterprise Eskom, saying it overcharged the utility and was slow to admit wrongdoing."The trust of our clients and the public in South Africa is now, understandably, very low," Kevin Sneader, global managing partner of McKinsey, said Monday at a business school in Johannesburg.

6 ways you can save with tax deductions

Tax filing season is officially open. And although Acting Commissioner of the South African Revenue Service (SARS) Mark Kingon has noted you don't have to file a tax return if you earn less than R350 000 per year from a single source of income - and have no allowances - you may still choose to file if you believe there are deductions you can claim. 

Tax practitioners from Tax Consulting South Africa, Vincent Radebe, Phumla Taho and Darren Britz, share six ways that tax payers can maximise their refunds from SARS.

Moyane wants to return to head SARS and 'serve the nation'

Suspended SARS commissioner Tom Moyane. (Photo: Fi

Eric Mabuza, the lawyer for suspended SARS commissioner Tom Moyane, has said that if Moyane is found not guilty at an upcoming disciplinary hearing, it is 'logical' for him to return to SARS and "serve the nation".

2 500 job cuts weren’t enough for Impala Platinum

Impala Platinum [JSE:IMP] is facing some tough choices as the South African miner works to stem losses at aging shafts amid slumping prices for the metal.

The world’s second-largest producer has already cut 2 500 jobs in the year through June and says there may be more to come.

Only three of the 10 shafts at its sprawling Rustenburg mining complex were making money as of March. Things have only gotten worse since then, with platinum prices dropping another 9% and hitting a nine-year low last week.

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