Specialist travel and hospitality insurance company SATIB Insurance Brokers is intensifying awareness of the risks posed by two very different but equally pressing threats: SARS tax audit disputes and catastrophic fire.
The insurance company will host a webinar at 10h00 this Thursday (August 14) on managing the risks of SARS tax audits and related disputes through tax risk insurance in light of intensified enforcement of laws by the revenue collection agency.
“Due to the latest national budget, SARS is facing increasing pressure to collect more taxes. And, with an increased budget allocation to bolster its tax collection capabilities, the agency has hired an additional 750 debt collectors aimed at meeting revenue targets,” SATIB points out, stating the result is that companies can expect a considerable rise in audits.
“Many audits lead to incorrect or unfair tax assessments where SARS demands additional tax payments. Disputing these demands can be time-consuming, stressful and costly – often requiring specialised tax expertise to achieve a fair outcome. Even if you win your case against SARS, you will be responsible for covering the fees of your tax accountants and attorneys for services rendered during the dispute,” SATIB says.
Protection against fire risk
SATIB and EFI Global will host a second webinar at 10h00 on August 22, covering protection for tourism businesses against catastrophic loss due to fire.
The webinar will focus on key topics such as:
- How fire risk is evolving in African tourism and leisure
- The costliest mistakes businesses make before and after an incident
- Practical, effective steps to protect assets and reputation – even beyond insurance
- Real-life case lessons: What worked, what failed and why
“Fire remains one of the top three causes of commercial insurance claims, posing a real and growing threat to physical assets and operational continuity,” SATIB points out.
According to Santam, around 50% of commercial property claims are attributed to fire. Despite the high levels of risk, exacerbated by power surges and electrical faults, 70% of small businesses remain uninsured or underinsured against fire.
“For travel businesses operating within shared commercial spaces or heritage properties in tourism hotspots, a fire could not only result in costly losses but also lengthy business interruptions – undermining revenue and reputation in the highly competitive tourism sector,” SATIB stresses.
