SARS Hone In On Non-Compliant HNWIs
In 2022, the South African Revenue Service (“SARS”) demonstrated its increased focus on revenue collection and compliance, specifically pertaining to High-Net-Worth Individuals (“HNWIs”). Their purview extends to wealthy South Africans abroad who remain tax residents of South Africa as well as those in the process of financially emigrating whilst retaining assets and interests in South […]
SARS has a database of South Africans’ offshore holdings
South Africans who are moving money and assets offshore must keep in mind that the foreign financial institutions they are investing with are obligated to share the taxpayer’s investment information with the South African Revenue Service (“SARS”).
Die SAID het ‘n databasis van Suid-Afrikaners se buitelandse besit
Suid-Afrikaners wat geld en bates oorsee skuif, moet in gedagte hou dat die buitelandse finansiële instellings by wie hulle belê, verplig is om die belastingbetaler se beleggingsinligting met die Suid-Afrikaanse Inkomstediens (“SAID”) te deel.
New Study Reveals Concerning Trend Among Tax Professionals
A recent survey conducted by the Professional Partner Network (PPN), a division of Tax Consulting South Africa, revealed an alarming trend in the tax profession.
Voluntary Compliance Encouraged By SARS
In a media statement dated 30 November 2022, the South African Revenue Service (“SARS”) stated that they are encouraging all taxpayers who may be in default on their tax affairs to approach SARS via the Voluntary Disclosure Programme (“VDP”). By coming forward willingly, said taxpayers will receive the help and advice from SARS to expedite […]