It is clear from Finance Minister Enoch Godongwana’s 2022 Budget Speech is that SARS will strongly enforce the law against wealthy taxpayers. In order to detect non-compliance or fraud, especially with the existence of unexplained wealth, it is proposed that all provisional taxpayers with assets above R50 million be required to declare specified assets and liabilities […]
The question of “Selective Prosecution” has been asked since 2007 when the South African Revenue Service (“SARS”) started using Lifestyle Audits on private individuals. The selection basis, was the means of the individual, in contrast to their standard of living, and was conducted on individuals where there was a suspicion of criminal activity.
From the taxpayer’s perspective, the 2022 Budget Review may have been received relatively well. Tax rates were not increased, the tax brackets and rebates for personal income tax were adjusted for inflation, fuel and RAF levies both remain unchanged for the first time in more than 30 years and the corporate tax rate is set […]