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SARS may be your follower on social media


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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SARS will follow you on Facebook and Twitter to see what you are really spending: analyst


SARS will follow you on Facebook and Twitter to see what you are really spending: analyst
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The South African Revenue Service (SARS) has committed to probing the tax affairs, and information disclosed by high-net-worth individuals (HNWI) on tax returns, to ensure that they are actually complying with tax laws.
The gravitas of this commitment by SARS should not be taken lightly, said Jean-Louis Nel, legal manager at Tax Consulting SA, particularly if your lifestyle on social media is not reconcilable with your declared tax information.
This could result in a one-way ticket to jail in light of the recent amendments to Section 234 of the Tax Administration Act, he said. ....

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Inland Revenue trying to claw back $90 million from our 390 ultra-rich


Inland Revenue trying to claw back $90 million from our 390 ultra-rich
17 Mar, 2021 05:00 PM
6 minutes to read
The number of ultra-rich New Zealanders has nearly doubled since 2014 with 390 people now worth $50 million or more.
Some members of the group - called High Wealth Individuals (HWIs) by Inland Revenue -
are in a fight over more than $90 million in disputed tax.
One of New Zealand s leading experts on economic inequality was amazed by the figures and worries about the future impact of Covid-19.
And a Rotorua Lakes councillor said New Zealand is facing down the barrel of a generation of beneficiaries as the gap between the rich and the poor continues to grow. ....

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