SARS signs heavy hitter to join its ranks
(Partner Content) It is no secret that wealthy South Africans are the focal point in SARS’ efforts to close the tax gap. SARS has progressively implemented specific steps in pursuing this objective, including the use of information from other jurisdictions, third party data and the promise of lifestyle audits. But the latest and probably the most insightful is having Judge Dennis Davis join their team.
In a media briefing on 1 April 2021, the Commissioner for SARS confirmed that the now retired judge has joined them on a more permanent basis, to help SARS with the implementation of its strategies, specifically those which are directed at ensnaring the wealthy.
SARS signs heavy-hitter to help take on wealthy South Africans
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SARS commissioner Edward Kieswetter has announced Judge Dennis Davis will be joining the tax collector on a more permanent basis, as it puts a larger focus on wealthy South Africans.
In a media briefing this week, Kieswetter said that Davis will help SARS with the implementation of its strategies, specifically those which are directed at closing the tax gap and the wealthy.
Davis most recently headed up the Davis Tax Committee which was aimed at reviewing South Africa’s tax policy framework and its role in supporting the objectives of inclusive growth, employment, development and fiscal sustainability.
SARS may be your follower on social media
(Partner Content) It has been widely reported that SARS has committed to probing the tax affairs, and information disclosed by high-net-worth individuals (“HNWI”) on their tax returns, in order to determine their compliance with the respective tax legislation, with the establishment of the High Wealth Individual Taxpayer Segment (HWI).
The gravitas of this commitment by SARS should not be taken lightly by HNWI, particularly if your lifestyle on social media is not reconcilable with your declared tax information which may result in a one-way ticket to jail in light of the recent amendments to Section 234 of the Tax Administration Act No.: 28 of 2011 (“the TAA”).
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app instead? 21:15
Image: Moneyweb
The South African Revenue Service (Sars) has defeated the odds by exceeding the revenue collection target set in February last year, and then revised several times because of the global Covid-19 pandemic.
The estimated target of R1.21 trillion was exceeded by R38 billion. The revenue authority collected R1.25 trillion for the tax year that ended on March 31. The expected total tax deficit of R312 billion was reduced to R175 billion.
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The receiver wants people who get paying guests to remember to cough up their fair share of income tax. Sars reminds property owners in South Africa, who host paying guests, that they must declare any rental income.