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Sars Targeting Wealthy Tax Evaders

| News by Staff Reporter

Sars will this year focus on wealthy people who are not tax-compliant


South African Finance Minister Pravin Gordhan said high net worth individuals (HNWI) not complying with tax laws would be brought to book by Sars.

He said the South African Revenue Service (Sars) was taking steps to improve compliance among HNMI, including establishing a dedicated tax affairs unit.

Gordhan said the reported amount of R50-billion owed by HNWI was not in fact an estimate of tax but rather of gross income, based on statistical extrapolation of third-party data.

“An accurate estimate of the potential tax liability of this group is not possible as each case is unique,” he said.

Sars would also be conducting audits on several wealthy individuals and their associated entities such as trusts, companies or other structures.


Source: www.bizpremises.co.za