Consortium buys SA digital tax assistant TaxTim

Consortium buys SA digital tax assistant TaxTim

Evan Robinson, technical co-founder and now head of product at TaxTim. TaxTim, a South African-based digital tax assistant, has been acquired by a private consortium, led by Twofold Capital, for an undisclosed amount. The consortium, which includes Stellenbosch-based technology group Octoco, provided a successful exit for TaxTim’s non-operational shareholders and a partial exit for co-founder…

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Africa: In Democratic Republic of Congo (DRC), Reassessing Tax Incentives Can Assist Growth and Equity

Africa: In Democratic Republic of Congo (DRC), Reassessing Tax Incentives Can Assist Growth and Equity

Kinshasa, July 28, 2023–In the Democratic Republic of Congo (DRC), rationalizing tax incentives could improve effectiveness of tax policies, and pave the way for future tax rate reductions, while ensuring adequate resources for development and social spending, according to the World Bank DRC Economic Update, released today. The report titled Reassessing Tax Incentives – Falling…

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Cyber criminals lurk amid SA’s tax season

Cyber criminals lurk amid SA’s tax season

Fraudsters sometimes create entirely fake taxpayer profiles using stolen ID numbers. As tax season kicks off with manual filing now open, cyber criminals are ramping up phishing scams and leaked credentials to get access to South African Revenue Service (SARS) taxpayer profiles and steal refunds. In most cases, scammers break into a taxpayer’s SARS account…

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SARS seeks advanced AI to boost tax collection

SARS seeks advanced AI to boost tax collection

The South African Revenue Service (SARS) has issued a Request for Information (RFI) for an advanced Artificial Intelligence (AI) system featuring “digital twinning” capabilities. This initiative aims to enhance automated decision-making and is a key part of SARS’s broader strategy to modernize its IT platforms and significantly boost tax collection. Read: Honor unveils the world’s…

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Social Security Administration sends misleading email lauding Trump’s new tax cuts law

Social Security Administration sends misleading email lauding Trump’s new tax cuts law

WASHINGTON — The Social Security Administration has sent a misleading email to beneficiaries stating that President Donald Trump’s sweeping tax cuts and spending law eliminates taxes on Social Security benefits for most recipients. “The bill ensures that nearly 90% of Social Security beneficiaries will no longer pay federal income taxes on their benefits, providing meaningful…

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Sars turning to AI to collect more tax

Sars turning to AI to collect more tax

The South African Revenue Service (Sars) has issued a request for information (RFI) for an advanced AI system with “digital twinning” capabilities to assist with automated decision making as its seeks boost tax collection. The move is part of the tax agency’s wider plan to modernise its IT platforms. Sars has requested companies with the…

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