Tax experts warn of SARS cracking down on finance professionals in South Africa.
There has been an increase in the South African Revenue Service threatening financial professionals with de-registration, says Jashwin Baijoo, the head of strategic engagement and compliance.
SARS commissioner Edward Kieswetter, like all strategic movers, has bided his time well, taking out a number of pawns before moving in on a King; this judgement, if gone without appeal, will serve to set a formidable precedent, bolstering SARS’ audit and prosecution capabilities even further, said Baijoo.
It appears that SARS has its sights set on shrewd financial advisors together with their non-compliant clients.With the 2023 Budget Speech around the corner, Tax Consulting SA noted that many of the proposed developments to South African law from the 2022 budget – including tax rate changes, increased excise charges, and most relevantly, SARS’ focus on the eradication of non-compliance and fraud – have been implemented.
According to Baijoo, this aligns with Kieswetter’s statement pre-dating the speech in April 2021, noting that SARS has profiled a number of High-Net-Worth Individuals, who the revenue authority deems to be living beyond their means, with a focus on specified assets and liabilities, with a market value exceeding R50 million rand, or R75 million, in practice.
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