Consistent work at the tax authority is starting to pay off.
South Africa has become a more attractive operating environment for private business – even compared to several European countries – as recently-introduced tax changes bear fruit, says financial services firm PwC.
“The country is now ranked as a more attractive operating environment for private business compared to several European countries, including Hungary, Slovakia, Croatia, Bulgaria, Greece and Romania,” said PwC.PwC said that the regulatory environment in South Africa is now one of its leading attributes on a sub-category level, with the country now ranked 14th out of 33 countries.
Developments that have bolstered the service include new leadership, the restructuring of the organisation, the allocation of resources to re-capacitate the authority in the form of people and technology, as well as bolstering tax enforcement practices. The organisation has also expanded its automated assessment system to reduce the number of taxpayers required to file annual income tax returns. Furthermore, SARS has unveiled its new Vision 2024, which aims to establish a modern and trusted organisation with high integrity.
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