Reportable arrangements: Tax partner perceptions of some problematic terminology

The South African Revenue Service (SARS) implemented a more aggressive reporting system in 2008 by introducing new reportable arrangements ('RA') provisions in the Income Tax Act. In March 2010, SARS issued a revised Draft Guide to Reportable Arrangements for public comment. More than thre...

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Main Authors: Lee-Ann Steenkamp, Peter Cramer
Format: Article
Language:English
Published: AOSIS 2014-04-01
Series:Journal of Economic and Financial Sciences
Subjects:
Online Access:https://jefjournal.org.za/index.php/jef/article/view/135
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spelling doaj-b217bb80f820459dbada2be00f0a83532021-02-02T00:32:28ZengAOSISJournal of Economic and Financial Sciences1995-70762312-28032014-04-017114518610.4102/jef.v7i1.135132Reportable arrangements: Tax partner perceptions of some problematic terminologyLee-Ann Steenkamp0Peter Cramer1Department of Accounting, University of Western CapeCollege of Accounting, University of Cape TownThe South African Revenue Service (SARS) implemented a more aggressive reporting system in 2008 by introducing new reportable arrangements ('RA') provisions in the Income Tax Act. In March 2010, SARS issued a revised Draft Guide to Reportable Arrangements for public comment. More than three years after its release, there is still no finalised, updated guide available to address the 'new' RA provisions. Determining when arrangements should be reported to SARS therefore remains both problematic and onerous. It is the purpose of this article to examine some of the problematic terminology in an attempt to afford South African taxpayers greater clarity in the identification and disclosure of RAs. The research findings are tested through a survey conducted among tax partners and directors at a sample of 40 leading audit and legal firms in South Africa. The majority of respondents agreed with the conclusions drawn from the literature study.https://jefjournal.org.za/index.php/jef/article/view/135arrangementparticipantpenaltypromoterreportable arrangementSARSSouth AfricaTax Administration Acttax benefittax partner
collection DOAJ
language English
format Article
sources DOAJ
author Lee-Ann Steenkamp
Peter Cramer
spellingShingle Lee-Ann Steenkamp
Peter Cramer
Reportable arrangements: Tax partner perceptions of some problematic terminology
Journal of Economic and Financial Sciences
arrangement
participant
penalty
promoter
reportable arrangement
SARS
South Africa
Tax Administration Act
tax benefit
tax partner
author_facet Lee-Ann Steenkamp
Peter Cramer
author_sort Lee-Ann Steenkamp
title Reportable arrangements: Tax partner perceptions of some problematic terminology
title_short Reportable arrangements: Tax partner perceptions of some problematic terminology
title_full Reportable arrangements: Tax partner perceptions of some problematic terminology
title_fullStr Reportable arrangements: Tax partner perceptions of some problematic terminology
title_full_unstemmed Reportable arrangements: Tax partner perceptions of some problematic terminology
title_sort reportable arrangements: tax partner perceptions of some problematic terminology
publisher AOSIS
series Journal of Economic and Financial Sciences
issn 1995-7076
2312-2803
publishDate 2014-04-01
description The South African Revenue Service (SARS) implemented a more aggressive reporting system in 2008 by introducing new reportable arrangements ('RA') provisions in the Income Tax Act. In March 2010, SARS issued a revised Draft Guide to Reportable Arrangements for public comment. More than three years after its release, there is still no finalised, updated guide available to address the 'new' RA provisions. Determining when arrangements should be reported to SARS therefore remains both problematic and onerous. It is the purpose of this article to examine some of the problematic terminology in an attempt to afford South African taxpayers greater clarity in the identification and disclosure of RAs. The research findings are tested through a survey conducted among tax partners and directors at a sample of 40 leading audit and legal firms in South Africa. The majority of respondents agreed with the conclusions drawn from the literature study.
topic arrangement
participant
penalty
promoter
reportable arrangement
SARS
South Africa
Tax Administration Act
tax benefit
tax partner
url https://jefjournal.org.za/index.php/jef/article/view/135
work_keys_str_mv AT leeannsteenkamp reportablearrangementstaxpartnerperceptionsofsomeproblematicterminology
AT petercramer reportablearrangementstaxpartnerperceptionsofsomeproblematicterminology
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