Latest news with #RevenueService
IOL News
a day ago
- Business
- IOL News
SA bleeds R3. 6 billion a year to fuel smuggling and tampering, says SARS
South Africa is losing around R3.6 billion every year because of illegal fuel Image: File South Africa is losing around R3.6 billion every year because of illegal fuel smuggling and tampering, according to the South African Revenue Service (SARS). According to the Revenue Service criminals are importing fuel without paying the correct taxes and mixing diesel with cheaper products like paraffin. "Over the past decade, countries along the Maputo Corridor (South Africa, Swaziland, and Mozambique) have become primary targets of the illicit fuel trade, which is driven by organised criminal networks that smuggle and illegally adulterate fuel," SARS said. "SARS has established that some importers declare fuel amounting to 40 000 litres or less, whereas investigation reveals that up to 60 000 litres of fuel are actually imported. This is called under-declaration, and documents are falsified to perpetuate this fraudulent activity," SARS also reported a national trend involving fuel storage and distribution depots in the illegal mixing of diesel with paraffin, a practice contributing heavily to revenue losses. "SARS has also detected a national trend where many of the fuel-storage and distribution depots are involved in the adulteration of all fuel products, especially through illegal mixing of diesel with paraffin. Fuel adulteration costs the fiscus approximately R3.6 billion per year according to statistics by the International Trade Administration Commission" Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Sars added that government agencies are working together more closely to detect, prevent, and combat fuel adulteration and enforce the Customs and Excise Act. "The intelligence-driven joint-enforcement interventions included search-and-seizure operations targeting certain fuel-storage facilities and depots as well as random sampling of tanker transport to test the fuel viscosity and composition. In some cases, adulterated diesel analysed by in these investigations had up to 68% paraffin content" In a recent operation, SARS and SAPS targeted 23 sites in Gauteng, Mpumalanga, and KwaZulu-Natal and seized over 950,000 litres of contaminated diesel, shut down six illegal fuel depots, and confiscated assets worth R367 million. 'The criminal syndicates engaged in these brazen acts have become emboldened to act callously with no restraint in pursuit of their rapacious and criminal gains," SARS Commissioner Edward Kieswetter said. 'These syndicates can only underestimate our resolve to eradicate this criminality at their peril. These acts threaten the very foundation of our society. Our message is clear: we will spare no efforts to crush them'. IOL Business Get your news on the go, click here to join the IOL News WhatsApp channel
Bloomberg
02-04-2025
- Business
- Bloomberg
South Africa's Tax Agency Takes Aim at Crypto Tax Defaulters
South Africa's revenue service urges those involved in crypto asset transactions to register with the authority, as it seeks to rein in tax defaulters. 'We've invited taxpayers, exchanges and other intermediaries to register, because now, if you don't register, you're breaking the law,' South African Revenue Service Commissioner Edward Kieswetter told Bloomberg in an interview on Tuesday. 'Once they have registered, we now have knowledge of their existence, and we can now begin to track their business activities.'
BBC News
28-03-2025
- Business
- BBC News
Guernsey taxpayers offered weekend drop-in
Guernsey taxpayers who want help with their online returns or have tax questions are being invited to a drop-in session by the island's do not need to book appointments but are asked to bring their laptop or mobile phone if they want help with their online return, the Revenue Service said. The free session will run from 08:00 to 14:00 GMT on Saturday 29 March at Sir Charles Frossard House in St Peter Bloomfield, head of service delivery, said: "Holding a drop-in on a Saturday proved very popular last time so we look forward to being able to help many customers out again this year." 'Deadline moving' The drop-in is part of a series the Revenue Service is running this 4,000 people have already submitted their 2024 tax return online ahead of the deadline on 30 November 2025, the States Bloomfield said: "With the deadline moving to November this year, we appreciate that this will come around quickly."Just like in previous years, we're trying to offer all the support we can, as early as we can, to help people complete their returns in good time."
