ICYMI: Sars boss Edward Kieswetter said the new travel pass is a way to ensure the integrity of financial flows in and out of the country🧾
“The travel pass is a single component in a response by the whole of government to improve the integrity of our financial flows, and to improve our capacity to detect illicit flows and to enforce our laws and regulations.
“The declaration by a traveller is the commitment we seek as the South African Revenue Service about whether or not they have on their person any amounts which are in excess of the amounts that are permitted,” Kieswetter said.Kieswetter said there are concerns about “illicit financial flows” into and out of the country.
“It is the flow of money across our borders that is not properly disclosed for the purpose of exchange control, and it is not properly disclosed from the purpose of tax and it is not specifically a way… a legitimate transfer of financial flow.” The commissioner added that the travel pass works in regulation with many other laws in South Africa and Sars is still working on developing a bigger system.
“And all we are trying to do is make sure that taxpayers, individuals and businesses to encourage transactions, but we also need to make sure that these transactions take place within the privy of the law,” Kieswetter said.
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