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September 14, 2004

SARS warns about inflating valuations

As the September 30 deadline for Capital Gains Tax valuations looms, taxpayers have been warned by the SARS not to inflate valuations. Such moves, says a News24 report, could result in additional taxes of up to 200% of the tax evaded and criminal prosecution in terms of the Income Tax Act. ‘While SARS confirms that it has not prescribed who should do valuations for the purposes of determining a capital gain or loss, valuations must be accurate, backed by supporting evidence, and able to withstand scrutiny,’ SARS said.

 

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