This study attempted to establish a tax risk framework (TRF) with guidelines to equip parties concerned in a business environment with the necessary tax risk management (TRM) skills and knowledge .Countries obtain a significant part of their financing from taxes. Regardless of normal risks within a business environment, there are also payable taxes to be dealt with. Existing procedures in businesses do not have a TRM-function. Control Environments in businesses do not necessarily have a TRM component. As tax is the single main contributing expense on the income statement bottom-line, it is imperative that it should be included in the risk assessments. TRM is the process of understanding, interpreting and implementing tax laws in order to mitigate tax risks. The basic definition of TRM is to apply tax laws to such an extent that the minimum amount of tax is paid, whilst adhering to the law. A TRM-framework must comply with international reporting standards and governance. Existing frameworks, guidelines and policies available on risk management do not cover the specific area of tax, which complicate the establishment of a single framework. SARS is changing its auditing approach and joining hands with taxpayers, trying to determine their ways in managing tax risks. Grey areas in legislation cause loopholes and misinterpretations – leading to incorrect calculations, risks and incorrect amounts of taxes being paid. More companies in South Africa expand their business activities to Africa from which export/import tax issues arise. A proper TRM framework will enable persons to estimate risks the moment they make a new deal. This will save a great deal of time and money. AFRIKAANS : Die doel van hierdie voorlegging is om ‘n raamwerk vir belastingrisiko met riglyne aan betrokke partye in besighede voor te stel. Dit sal hulle toerus met die nodige vaardighede om belastingrisiko’s te identifiseer en te hanteer. Lande se enkele grootste bron van finansiering is vanuit belasting. Afgesien van normale risiko’s in `n besigheid is daar ook die kwessie van betaalbare belasting wat bestuur moet word waarvoor huidige besigheidstelsels nie voorsiening maak nie. Vanweë die feit dat belasting die enkele grootste uitgawe op die inkomstestaat is, is dit van kardinale belang dat dit deel vorm van die risiko assesserings proses in besigheid. Belastingrisikobestuur behels die begrip, interpretasie en implementering van belastingwette om risiko’s te verminder. Die minimum belasting moet betaal word, maar belastingwetgewing moet steeds nagekom word. Hierdie raamwerk vir belastingrisikobestuur moet egter steeds aan internasionale verslagdoening standaarde voldoen ten einde finansiële inligting aan te meld en te reguleer deur middel van goeie korporatiewe beheer. Bestaande raamwerke, riglyne en beleide rakende risikobestuur maak nie spesifiek vir belastingrisiko’s voorsiening nie wat die daarstel van ‘n afsonderlike belastingraamwerk bemoeilik. Die Suid-Afrikaanse Inkomste Diens is besig om die benadering van oudits te hersien en ‘n nouer verwantskap met belastingbetalers te sluit ten einde hul bestuur van belastingrisiko’s te bepaal. Grys areas in wetgewing veroorsaak skuiwergate en verkeerde interpretasie met foutiewe berekenings, risiko’s en betalings. Al hoe meer besighede in Suid-Afrika brei hul sakebelange na Afrikalande uit, waaruit invoer-/uitvoerkwessies rakende belasting ontstaan. ‘n Deeglike risikobestuursplan wat belastingkwessies aanspreek, sal die rolspelers instaatstel om risiko’s onmiddellik te bepaal sodra ‘n transaksie gesluit word. Sodoende kan tyd en geld bespaar word. / Dissertation (MCom)--University of Pretoria, 2013. / Taxation / unrestricted
| Identifer | oai:union.ndltd.org:netd.ac.za/oai:union.ndltd.org:up/oai:repository.up.ac.za:2263/27280 |
| Date | 15 August 2013 |
| Creators | Jansen van Rensburg, Leon |
| Contributors | Mr P C Opperman, leon.vanrensburg@gmail.com |
| Source Sets | South African National ETD Portal |
| Detected Language | Unknown |
| Type | Dissertation |
| Rights | © 2012 University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria |
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