New ministry for small business

 

Cape Town - A new ministry to take care of small business development, to be headed by Lindiwe Zulu, was announced by President Jacob Zuma on Sunday.

"You will recall that we stated in the inauguration address that the economy will take centre-stage. 
"The development of the small business sector is critical to economic development and transformation.
"We have thus established a new ministry for small business development," he announced.

Elizabeth Thabethe has been appointed the deputy minister of small business development. 

 

 

 

 

Financial Mail 

 

News & Publications

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 SARS tightens up procedures

In recent times there has been an alarming increase in bank fraud by criminals utilising the internet. Taxpayers have fallen victim to such scams and the South African Revenue Service (SARS) has accordingly found it necessary to tighten up procedures relating to the amendment of bank account particulars.

SARS have confirmed that under no circumstances will they ever request taxpayers' bank account details over the phone or accept bank account detail changes via facsimile, post, drop-box or e-mail. Furthermore, a power of attorney, appointing a person as a taxpayers' duly authorised agent will no longer be accepted for the changing of bank account details.

 

In future, the only channels for changing bank account details that will be acceptable to, and hence actioned by SARS, will be as follows:

 

• in person at a SARS branch office

• with SARS e-Filing

• on submission of the following returns:

• individual income tax return (ITR12)

• company income tax return (IT14)

• employee declaration (EMP501 return/reconciliation)