Interview with Thomas Lobban on the Morning Show, etv.
In an insightful interview on the Morning Show, broadcasted on etv, Thomas Lobban, a seasoned Tax Legal Specialist at Latita Africa, delves into the pressing concerns surrounding taxpayer debt with the South African Revenue Service (SARS). As SARS intensifies its debt collection strategies, which now include stringent measures like third-party collections and asset attachments, Thomas emphasises the critical need for taxpayers facing such challenges to act swiftly and decisively.
During the interview, Thomas underscores the heightened risk of inaction, which could lead to severe financial consequences for those in debt. He strongly advises that individuals and businesses in this predicament seek guidance from experienced tax advisors, particularly if their previous efforts to settle or negotiate with SARS have not yielded positive results.
Thomas elaborates on the various avenues available to manage tax debt effectively. These include disputing SARS assessments, a process that can be intricate and demands a deep understanding of tax law. He also mentions the possibility of negotiating deferment plans, which could provide taxpayers with much-needed breathing room to settle their debts over an extended period. Additionally, Thomas discusses the option of entering into compromise agreements, as provided under the Tax Administration Act, which might allow for a reduction in the total debt owed, depending on the taxpayer's circumstances.
A key point Thomas makes is that successfully navigating these options requires not only a robust knowledge of tax law but also adept negotiation skills. He emphasises that with the right expertise and approach, taxpayers can significantly improve their chances of reaching favorable outcomes, potentially alleviating a substantial portion of their financial burden. Through his insights, Thomas Lobban provides a clear roadmap for taxpayers to follow, urging them to take control of their situation before SARS takes control of it for them.
