Inland Revenue Board (IRB) has increased its efforts to increase revenue and to make taxpayers more compliant and therefore have been issuing notices and assessments under various sections of the Income Tax Act 1967. The lay public seem harassed and are crying foul over IRB’s actions. Failure to respond in time and in essence is costing taxpayers needless time and money. Above all IRB seems to practice the rule, “Pay first, Talk later.” There is an urgent need for taxpayers to confront tax issues and to confront IRB to understand their obligations under the Act and to respond accurately, appropriately and in Time. This webinar is to understand the boundaries of taxation and what is within the law as to rights and obligations, of both the taxpayers and IRB.
IRB had also instituted some changes to its interpretation of Section 140 of the ITA 1967. It is practically using that section to say, tax avoidance and tax evasion are the same as far as altering the incidence of tax is concerned. So it is within the purview of IRB to disregard certain transactions and arrangements the taxpayer has used in his business. The field of tax planning is under threat. The courts are on their side in denying the long held dictum that, taxpayers are entitled to arrange their tax affairs in such a way as to minimize their tax burden.