Are your declarations and refunds in line with the Vat Act and Tax Administration Act? Its all nice when we get the refunds but there could be comebacks.
“South African Revenue Service (Sars) commissioner Tom Moyane has been accused of illegally authorising the payment of a R70 million VAT refund to a Gupta-linked company, Daily Maverick’s investigative unit Scorpio reports.
According to the report, Oakbay Investments director Ronica Ragavan emailed Moyane on May 22 last year requesting him to pay the first of three VAT payments amounting to R70 million into Terbium Financial Services’ account for the benefit of Oakbay.
The Guptas appointed Terbium as a payment agent to manage the payment of staff salaries after the country’s four major banks in 2016 severed ties with the controversial family accused of state capture and corruption.
The payment of the VAT refunds was reportedly despite objection from several Sars officials who warned Moyane and its chief officer of legal counsel Refiloe Mokoena that the law doesn’t permit the payment of VAT refunds into third party accounts to prevent fraud and money laundering.” – News24