Budget 2022 – National Treasury Backs SARS' Tough New Disclosure for The Rich
The Budget 2022 announced a new tax disclosure for wealthy taxpayers. This is part of SARS’ High Worth Individual strategy and where a dedicated unit is now operating within SARS to focus on these taxpayers. The new disclosure will place a significant compliance burden on wealthy taxpayers, which has received formal endorsement from the National Treasury in last week’s speech - “To assist with the detection of non‐compliance or fraud through the existence of unexplained wealth, it is proposed that all provisional taxpayers with assets above R50 million be requir...
Source: polity.org.za