Through close collaboration with the Financial Intelligence Centre (FIC), the South African Revenue Service (SARS) has been able to assist in stopping financial crimes, particularly in the form of non-compliance.
showed that a total of over R41.6 million in penalties were imposed by SARS and the FIC on certain South Africans and/or their businesses – many a result of non-compliance with tax provisions.
Finance minister Enoch Godongwana said that pooling multiple authorities together is crucial to the country’s fight against financial crime. He stressed that the following money flows are critical in uncovering individual and syndicated crimes., the commissioner of SARS, Edward Kieswetter, said that the service would continue to focus on implementing recommendations on the tax compliance of companies and high-wealth individuals .
The report found that SARS had recovered R8.2 billion in revenue from criminal and illicit activities in the 2021/22 financial year. This figure was up more than 331% when compared to the year before – indicating an increase in the services capacity and strict direction. Elle-Sarah Rossato, a PwC partner, specialising in tax controversy and dispute resolution, said, in the financial services firm’s recent Taxing Times Survey, that SARS has a strategic objective to detect taxpayers and traders who do not comply and make non-compliance hard and costly.
Rossato added that SARS aims to increase and expand the use of data within a comprehensive knowledge management framework to derive deeper insight and improve outcomes. One of the ways the service aims to use data to its benefit can be seen in its endeavours to probe into finances with new methods.and is in search of new methods to look into taxpayers with the following items and assets:
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ACSA cannot amend objection to additional assessment by SARS, says Appeals Court | Fin24The Supreme Court of Appeal has ruled that Airports Company South Africa (ACSA) is not entitled to amend an objection against an additional assessment of its 2011 tax year by the SA Revenue Service. | News24_Business
Read more »
BREAKING NEWS LIVE | Man, 32, arrested for teenage girl's death following hit-and-run in Bonteheuwel | News24JUST IN | Man, 32, arrested for teenage girl's death following hit-and-run in Bonteheuwel
Read more »
LIVE | Death by spin as Proteas collapse to 4th-lowest ODI total in their history | SportLIVE scoring and interactive commentary on the second ODI between India and South Africa from Delhi.
Read more »
IMF says a third of the global economy will shrink in coming months, as it cuts SA forecast | Fin24Global growth is expected to slow further next year, the IMF said on Tuesday, downgrading its forecasts as countries grapple with the fallout from Russia's invasion of Ukraine, spiraling cost-of-living and economic downturns. | News24_Business
Read more »
BREAKING NEWS LIVE | 20 arrested in North West mine as Hawks clamp down on illegal miners | News24News24 brings you all the latest news alerts from across South Africa.
Read more »
South Africa has a new fake meat braai record after government tried to ban it | BusinessinsiderThe South African government wanted to seize plant-based burgers. In retaliation, a food awareness group cooked more than 1,200 plant patties on Heritage Day, breaking an unofficial world record for the largest vegan braai.
Read more »