Most taxpayers are aware that the Tax Administration Act (TAA) provides for significant penalties (up to 200%) for the understatement of taxes. This is relevant even where assessed losses are overstated.
This webinar is designed to assist the taxpayer to provide evidence that the financial manager, the tax manager, the financial director and public officer took “reasonable care” in managing the overall tax affairs of the taxpayer. It is submitted that any taxpayer who follows the principles discussed in this webinar should be protected against the potential application of section 180 of the TAA as well as the imposition of any understatement penalties imposed for behaviours other than “substantial understatement”.
In summary, the webinar will equip the financial manager and internal tax manager to implement a bespoke tax risk management system that is appropriate for his/her relevant organisation. In addition, it will assist the tax advisor to assist their clients (small, medium and large) to implement a system of tax risk management that is effective and relevant for their particular business.
Last, but not least, it will protect the financial manager, tax manager, financial director, managing director and public officer against being held personally liable for the tax debts of a taxpayer in terms of S180 of the TAA.