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Friday, November 14, 2008

VAT Update: Fraudsters Beware!

...Last week a VAT vendor was arrested by Germiston SAPS in conjunction with SARS for suspected VAT fraud. The suspect registered a company for VAT and submitted fraudulent VAT claims of R305 000-00 since February this year. Over the past year a total of 29 SARS staff and their accomplices have been arrested and a further 41 staff members dismissed.

But prevention is better than cure and measures are also required to ensure unscrupulous and criminal elements do not gain entry to the VAT system.

My Advise: If you suspect fraud for your company VAT submissions, REPORT IT!

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