Dear Reader

In this Bulletin

    * SARS (finally) joins in on the World Cup celebration
    * What you’ll learn on 15 July 2010
    * All the fire-power you need
    * Discount bookings close tomorrow!

Prof Maritz emailed me on Monday with great news, and I’d like to share it with you. I’m sure you’ll agree that it’s about time SARS joined the party! Here’s what Prof Maritz had to say:

SARS (finally) joins in on the World Cup celebration

Two weeks ago I mentioned that SARS was scraping the bottom of the barrel, highlighting certain fringe benefit tax risks, including the fringe benefit tax on World Cup T-shirts and related items. I’m very pleased to report to you that SARS released a statement, just one day before the World Cup kick-off, issuing exemptions from fringe benefits tax. The exemption allows for a maximum of R750.00 per employee for 2010 World Cup related items provided by employers to their employees.

Why the sudden change? The draft legislation is in line with Cabinet’s view last week that the FIFA World Cup is playing a vital role in nation building, uniting people of different cultures and beliefs behind the green and yellow pride pumping though our country’s veins. What a sight the N1 was last week — soccer supporters pouring out of the offices lining the highway and taking part in Vuvuzela and “Gees” battles with their neighbouring companies…the football is something great for the nation! And it was capped with a draw in the match against Mexico. 

The once-off de minimis exemption of R750.00 is not law at this stage, however SARS has invited members of the public to comment on the draft legislation before the 24th of June 2010 by either emailing nomfanelo.mpotulo@treasury.gov.za or by fax to 012 315 5516. Alternatively send your comments to acollins@sars.gov.za.

There is no question the change will be enacted. But you need to remember that the exception only applies to purchase and goods issued to employees before the 11th of July 2010, so time is running out.  I’m sure we all welcome the fact that SARS is also joining the party!

Indeed we are, Prof Maritz! It's about time...

What you’ll learn on 15 July 2010  
On 15 July 2010, we’re rounding up the tax and Vat experts, to bring you a 1-day workshop that’ll set you free from tax worries! Let’s take a closer look at what we’ll cover in the seminar…

Our first session is more than just an introduction to tax in the second half of 2010. It’s more like a crystal ball, giving you a clear picture of what to expect from SARS and its tax laws in the next few months.

And while we’ve tracked all the changes SARS has made to its list of requirements from employers, there are still many questions unanswered, particularly about employee taxes, new fringe benefits, and how to register employees…. We give you the answers, and the tips to save you money (and keep penalties at bay).

All the fire-power you need

Companies are also under ever-greater pressure to comply with a list of tax rules that grows longer every year… Find out where your company stands, and what it must do this year to keep the taxman happy.
Remember that the taxman’s also going to check on your Vat records… Especially since Vat registration requirements have changed. And we’re expecting that the rules around invoicing will change too. Do you know what’s required of you? And can you list all the Vat exemptions, deductions and tax-saving tips? If not, then this seminar is going to equip you with all the fire-power you need!

If you need clues as to how the law would treat YOU and your unique tax problems, then you’ll be glad to know that the seminar will bring you these clues, delivered by seasoned tax specialists. You’ll learn what to expect from SARS and the courts!

Clearly this is a tax seminar you can’t miss!

Discount bookings close tomorrow!
We’re closing the early bird special offer, that saves you 40% on the delegate fee, tomorrow at 16h00pm.
Tomorrow, you’ll pay just R2 995 to attend the seminar. The day after, you’ll pay R4 995. So start saving now! Make sure you book and pay before 16h00pm on 17 June 2010. Don’t lose out on the best seminar deal of the year!

For more information, or to get an order form and brochure sent to you, contact Lenell@fsp.co.za.

Bookings are rolling in, and seats are limited. So don’t delay!

Until next week

Fulvia Becatti

Managing Editor, Practical Tax Loose Leaf and Practical Vat Loose Leaf