The South African Revenue Service declared a statement of intent towards enhancing voluntary compliance by High Wealth Individuals in the country, after it established a dedicated HWI unit in 2021.
And a presentation by the head of the Revenue Service’s HWI unit has confirmed which wealthy taxpayers the service is targeting. Director Natasha Singh said that her unit is focussing onSingh was speaking at an event last week, hosted by the South African Institute of Taxation in collaboration with Tax Consulting SA and Standard Bank. She said that SARS is targeting wealthy individuals in South Africa and the legality of certain offshore structures.
Baijoo said that SARS is making good use of South Africa’s position as an OECD member – it subscribes to the voluntary exchange of information to gain open access to all taxpayer financial information from a number of financial and legal bodies, including the Master’s Office, CIPC, and banks.
However, earlier in August, SARS commissioner Edward Kieswetter said that despite its boosted capacities, the revenue service is still hamstrung by regulations.
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