The commencement of the 2023 tax filing season saw the South African Revenue Service (SARS) further upholding its commitment to keep a close eye on high-net-worth (HNW) taxpayers with assets above R50 million.
All taxpayers should arrange their tax affairs to obtain the best advantage and to pay the least amount of tax. This is a right every taxpayer possesses, and well entrenched in South African and international tax law. However, this planning must be done within the constraints of what the law allows.
If you hold “Beneficial Ownership” in relation to a company, you should already be aware of the new “Beneficial Ownership Register” functionality now on the Companies and Intellectual Property Commission’s e-services platform.