SARS wins SCA appeal in longstanding Absa tax dispute

In 2016, SARS began investigating a series of transactions Absa and its subsidiary were involved in during the 2015, 2016 and 2017 tax periods. After conducting an audit of these transactions in 2018, SARS issued a tax notice to the bank, saying it had participated in an"impermissible tax avoidance arrangement".

Absa responded to SARS in February 2019, contending that the revenue authority had made an"error of law" and that it was not a party to a tax avoidance arrangement. In March 2019, SARS informed Absa that it would not withdraw its tax notices, saying it disputed the submissions made by the bank.A deep dive into the big business story of the week, as well as expert analysis of markets and trends.

The high court found that the SARS tax assessments against Absa were unlawful and set them aside. However, the revenue authority applied for leave to appeal to the SCA, which ultimately found that the high court erred in finding that exceptional circumstances were present to entitle it to exercise jurisdiction in the tax dispute."We note the decision and will comply with the ruling," Absa said in a statement.

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