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iAfrica 16 seconds ago 3 min read Share with your network! In line with its pledge earlier this year to increase its focus on wealthy individuals and offshore holdings, the South African Revenue Service (SARS) has started contacting South African taxpayers with financial accounts abroad to request information. The aim is to see how much has been disclosed in prior tax returns and to assess any underpayments. SARS’ newfound reach is thanks to the Common Reporting Standard (CRS), which sees...

SARS is targeting rental properties in South Africa – what you should know Subscribe warnedproperty owners who receive rental income from hosting fee-paying guests against their tax obligation. The tax collector emphasised that property owners who host fee-paying guests, and receive rental income, have the same obligation to declare such income to SARS, just as homeowners letting out their property. Although the legal position is fairly clear, it appears that SARS may have identified the need to focus on improving taxpayer compliance in the property sector, said Ursula Diale-Ali, an associa...

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 hel...

SARS signs heavy-hitter to help take on wealthy South Africans Subscribe 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 t...

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 ticke...