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Tax First Newsletter
Providing you with informed commentary on current developments in the local tax and business arena.
Our monthly analysis and comments on new law and administrative changes assist business executives to identify developments and trends in law and Inland Revenue practice that might impact their business.
Tax First Newsletter - October 2020
Can Inland Revenue recover outstanding tax debts from your bank account?
The Business Insider [1] published an article on 6 July 2020 titled “SARS can’t just order a bank to pay over your tax debt, court rules”. The article referenced the conditions that must be met before SARS can recover amounts from your bank account, which were noted as: “there must be a tax debt; the due date for payment of the tax debt must have expired; a letter of demand must be delivered to the taxpayer at least 10 days prior to issuing a notice to a third party who holds monies for and on behalf of the taxpayer concerned; the letter of demand delivered to the taxpayer must set out the recovery steps to be taken should the tax debt not be paid; and the letter of demands must also specify the relief mechanisms availa-ble to the taxpayer.” [2]
Notwithstanding that the article is based on South African legislation and court proceedings therein; it warrants a closer look at the Namibian legislation and what taxpayers need to know regarding Inland Revenue’s mandate to recover outstanding tax debts from their bank accounts.
In this issue:
- New Legislation Tracker
- Tax Calendar - October 2020
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