Resources On-Demand

Tax Dispute Resolution: Penalties - Session 2 - 2021

This webinar on demand is part of a series of webinars. Click here to read more

Overview

During the course of May to July 2021, a team of senior tax professionals from Bowmans together with Advocate Aakifah Louw (Group One Advocates) will anchor three interactive sessions on the broader topic of tax dispute resolution. The panel will share their practical experience and knowledge in navigating the increasingly complex and contentious field of tax administration and tax disputes by highlighting and discussing some of the more frequently encountered challenges in their respective fields. The webinar-series aims to provide delegates with practical tips and guidance on:

• Successfully navigating audits and queries from SARS before an assessment is issued, and interacting with SARS in the context of rulings and voluntary disclosures.
• Understanding and proactively mitigating the risk of SARS imposing penalties.
• Dealing with disputed assessments, including effectively suspending the obligation to pay a disputed amount, and practical advice on managing the dispute resolution process with SARS.
• Delegates will have the opportunity to submit questions which will be addressed in the live Q&A section at the end of each session.

Penalties

The session will introduce delegates to the various types of penalties which SARS may impose in respect of income tax, VAT, and customs and excise duties, with a view to understanding and pro-actively mitigating penalty risk.

It’s important for taxpayers to understand how and when SARS is entitled to impose the different penalties provided for in the Tax Administration Act and Customs and Excise Act, and how to challenge and mitigate the different types of penalties when these are imposed, including the different timelines and criteria for remittance. The presenters will explore the nuances of each of the different types of penalty category, with a view to providing delegates with a technical and practical understanding of how not only to mitigate penalties once they have arisen, but how to proactively protect the taxpayer against the imposition of penalties. A few topics that will be covered during this session includes:

• Percentage-based penalties – the different categories, how “penalty assessments” are communicated to taxpayers and how to remit these penalties.
• Understatement penalties – when and how SARS can impose these penalties, explanations of the terminology used in sections 221–223 of the TAA, and how to remit these penalties.
• Proactive approaches to penalty risk management – using TAA opinions effectively.
• Customs and excise penalties.
• Click here for more information and to register for this session.

Who should attend?

Session 2: Tax managers/consultants, heads of tax, financial directors, accountants.