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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