The South African Revenue Service (SARS) has embarked on a major recruitment drive and made systems improvements to improve revenue collection and widen the taxpayer net, says commissioner Edward Kieswetter.
, Kieswetter said this includes a renewed focus on wealthy taxpayers in the country – particularly those with assets of R75 million or more.
In its 2022 national budget, the National Treasury announced further proposals that appear aimed at ensuring compliance by wealthy taxpayers in South Africa. It is proposed that to assist with the detection of non-compliance or fraud through the existence of unexplained wealth, all provisional taxpayers with assets above R50 million be required to declare specified assets and liabilities at market values in their 2023 tax returns.
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