MANAGING TAX RISK: Challenges of EFD receipts

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Ritty realized that some of his employees stole money from his business.

Both the internet and mobile telephony technologies have brought about new forms of business as well as new ways of doing business. This brings both tax opportunities but also challenges. Imagine the internet banking, mobile banking, and mobile money services.We purchase things like electricity (LUKU), airtime or pay for water bills through the mobile money, mobile banking or internet banking platforms.How could a taxpayer purchasing these kinds of services demand a fiscal receipt? How should a taxpayer support his expenses or VAT claims?Currently, the tax laws provide very little guidance, if any, on these and other similar questions. One solution would be for the tax authority to issue practice notes or guidelines. Can the SMS received when paying for these services be acceptable by the tax authority for tax purposes?

MANAGING TAX RISK: Challenges of EFD receipts

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