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If you have secret offshore assets, chances are Sars knows about them

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If you have secret offshore assets, chances are Sars knows about them
Common Reporting Standards (CRS) mean information is being exchanged with 87 foreign countries â and the figure is growing.
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Coming clean and volunteering information before Sars conducts an audit is likely to result in a better and more sympathetic outcome. Image: Shutterstock
If you have offshore assets that you expected to keep a secret from the South African Revenue Service (Sars), chances are it already knows about them
Thatâs because of an information sharing arrangement known as Common Reporting Standards (CRS) that is already in place in 87 jurisdictions, and that figure is growing. ....

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Wealthy KPMG clients continued to dodge taxes for years after CRA detected offshore 'sham'

In 2010, Canada Revenue Agency auditors unearthed a scheme they called a “sham” that ultra-rich Canadians were using to dodge taxes. But previously unreported court records obtained by CBC’s The Fifth Estate and Radio-Canada’s Enquête show it didn't stop then. Some taxpayers continued to exploit the tax dodge for several years without officials realizing. ....

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Emigrating from South Africa? Here's why you must inform SARS

(Partner Content) When you permanently emigrate from South Africa, you should inform SARS that you are no longer tax resident. The earlier you get this piece of admin out of the way, the better for you in the long run. Here’s why. ....

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SARS is targeting rental properties in South Africa – what you should know

SARS is targeting rental properties in South Africa – what you should know
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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 associate designate at legal firm Cliffe Dekker Hofmeyr.
“In particular, amongst property owners who derive rental income from hosting fee-paying guests, and therefore on an ad hoc basis, rather than property owners who enter into lease agreements for longer periods of time,” she said. ....

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