The Commissioner for SARS convened a meeting of 27 key players within the Electronics Industry. The purpose was to seek their co-operation in addressing malpractices within the industry. In an atmosphere of frankness the retailers were made aware of the irregularities identified by SARS.
The South African Revenue Service has been concerned for some time now, about revenue-related irregularities particularly among importers within the Electronics Industry i.e. misdeclarations, under-declarations and under-valuations. Such irregularities have resulted in an uneven playing field within the industry, resulting in damaging local business and causing job losses.
The representatives of the companies agreed to:
Some companies pointed out that it is their policy not to transact business with anti-compliant importers. All companies have taken serious note of what has been discussed and will ensure that legitimate practices are being fully complied with and that appropriate action will be taken where necessary.
All parties committed themselves to a speedy resolution of the current uncertainty and agreed to promote investor confidence.
ISSUED BY THE COMMISSIONER FOR THE SOUTH AFRICAN REVENUE SERVICE