SARS identifies first group of high net worth taxpayers
(Partner Content) SARS’ “High Wealth Individual Taxpayers Unit” (the Unit) is up and running and as promised, SARS has sent out the first batch of welcome letters to those who meet the criteria to form part of this elite club.
What qualifies as “high wealth”?
How does SARS pick their subjects? The simplest, albeit unlikely, methodology would be to include all taxpayers who fall within the highest tax bracket i.e. those who earn more or less in excess of R1,5 million per annum, translating to more than 113,000 individuals. But the clique is probably more exclusive than that. Perhaps, those with dollar millionaire status will make the cut, which would then encompass around 38,000 individuals.