Expansion Of Banks’ Power to Hold Funds on Suspicion Of a Tax Offence
Section 190(5A) of the Tax Administration Act, 2011 requires a bank to immediately report to SARS if it has a reasonable suspicion that the payment of an amount is related to a tax offence. Then, if instructed to do so by SARS, the bank must hold the funds for two business days pending an investigation by SARS.   Read more >>>>