UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 25, 2007
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| SILVERSTAR HOLDINGS, LTD. |
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| (Exact Name of Registrant as Specified in Charter) |
| Bermuda | 0-27494 | N/A |
| (State or other jurisdiction of | (Commission File Number) | (IRS Employer Identification No.) |
| Incorporation) | | |
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| Clarendon House, Church Street, Hamilton, HM CX, Bermuda | |
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| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: (441) 295-1422
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| Not Applicable |
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| (Former Name or Former Address, if Changed Since Last Report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 | | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
In April 2006, First South African Holdings, a subsidiary of Silverstar Holdings, Ltd. (the “Registrant”), received a letter from the South African Revenue Service (“SARS”) challenging certain tax treatment of dividends and operating loss carry forwards for the years 2002 through 2004. Subsequently SARS issued two tax assessments for approximately $2.9 million. The Registrant retained an amount of cash equal to the assessments to satisfy any potential liability that may arise. On May 4, 2007, SARS agreed in principle to drop the larger of its two assessments and on May 25 2007, SARS formally approved this decision. As a result the Registrant now has access to approximately $1.7 million of its restricted cash. The Registrant will continue to negotiate the ultimate liability due under the remaining assessment.
SIGNATURE
Pursuant to the requirements of Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| Date: May 30, 2007 | SILVERSTAR HOLDINGS, LTD. |
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| | By: | /s/ Clive Kabatznik |
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| | | Name: Clive Kabatznik |
| | | Title: Chief Executive Officer |
