Prevailing Securities wants P81.7m tax notice revisited

Oarabile Mosikare | Friday June 26, 2020 16:44

 

Prevailing Securities wants P81.7m tax notice revisited

In February last year, the BURS impounded vehicles belonging to Prevailing Securities owner, Shadrack Baaitse for tax related issues.   This month, Baaitse through his attorneys, Serole & Partners wrote to the BURS demanding reassessment as was previously agreed by the tax master. 

“Client instructs us that upon receipt of notice of assessment in the total sum of P81,766, 882, 46 (VAT and Income Tax inclusive) it submitted detailed list and/or account of matters which were not taken into consideration when they ought to have been at the time of assessment,” Serole & Partners wrote.  

The attorneys said that on numerous occasions, both telephonically and in person through its directors and judicial manager, attended to the BURS office to request for a reassessment, “you have on a number of occasions promised to attend to the reassessment on the submitted information, but all has been futile”.   “In our opinion client’s request and demand is not unreasonable as it makes it difficult for client to lodge a substantive objection without a reassessment as promised, which would that is, the reassessment incorporate the submitted information and reflect how the amount claimed was arrived at. Interestingly, despite demand from client to do a reassessment you have proceeded to attach and seize client’s monies from its creditors property and even failed to pay employees’ salaries. Your acts have as a result crippled client business to an extent that client has not been running.”  

The attorneys alleged that further to demonstrate mala fide, the tax master, contrary to the judicial management orders, deliberately continued with his acts aforementioned. Prevailing Securities once again demanded for the reassessment as agreed and BURS is yet to respond.