Top 10 Tax Headlines from Middle East & Africa From a tax perspective, it must be said that the number of proposed changes to the various fiscal Acts are considerably fewer than in prior years. A discussion on the restrictions to the capital gains exemption which normally applies to individuals selling their home. Unlike in the past few years, there have certainly been some surprises sprung on taxpayers by the Minister in his Budget Speech. Finance Minister Pravin Gordhan revealed a proposal to change legislation governing retirement fund contributions in the 2012 Budget. By establishing a forum to promote the sharing of resources, the BRICS countries may be able to provide working solutions for the problems being experienced by developing nations in applying the OECD methods. The Financial Mail reported in its January 25 edition that SARS is considering changing the basis of customs valuations from the present free-on-board principle to a valuation based upon cost, insurance and freight. A discussion on a recent case, where SARS suspected the defendant for having had fraudulently manipulated invoices so as to pay less duty, thereby committing various offences under the Customs and Excise Act. South African taxpayers commonly form companies in foreign jurisdictions to seize investment and expansion opportunities. A discussion in the introduction of the Tax Administration Act in South Africa. Section 66 of the Income Tax Act No. 58 of 1962 requires the Commissioner to give public notice annually of the prescribed time period within which persons who are liable to taxation under the Act must furnish their tax returns. | 
