Martin Mcebisi Magobolo (50) pleaded guilty to 15 charges in contravention of the Tax Administration Act in the Virginia Magistrate’s Court on Thursday, 28 January 2021.
Magobolo, a Director of Ferros Trading and Investments, submitted false income tax on Value Added Tax (VAT 201) returns over the period between August 2014 and December 2016.
Following the findings of the fraudulent activities by the audit manager at the South African Revenue Service (SARS), the case was reported to the Hawks’ Serious Commercial Crime Investigation unit in Welkom during April 2019 for further investigation
Magobolo was subsequently summoned in October 2019 and made several appearances before court following his recent conviction on Thursday, 28 January 2021.
Magobolo was sentenced to 5 years imprisonment of which 5 years was suspended on condition that he pay SARS the amount of R1.5 million.
