The South African Revenue Service (SARS) has started sending out letters to C-level executives in the country as a welcome and introduction to the tax collector’s new High Wealth Individual Unit.
The letter, seen by Tax Consulting South Africa, not only provides an overview of the unit’s purpose and function but also assigns dedicated service consultants and a relationship manager to the country’s wealthiest.“The focus of the HWI Unit is to build a partnership with high wealth individual taxpayers, based on mutual trust, transparency, service, and voluntary compliance.
The tax expert said that SARS’ focus on wealthy individuals – along with recent murmurings from the ANC about a wealth tax – may be sending messages to this demographic that are incongruent with its warm welcome. “The focus here lies on net assets and liabilities and includes taxpayers who have left the country but continue to have South African interests – who for many years, believed certain aspects of their wealth were ‘tax-free’ so to speak, due to being located offshore.”
In contrast to the recent welcome note, it appears SARS’ is yet to decide if they will be using the carrot, or the stick, with these very wealthy individuals, Baijoo said. “Like all strategic movers, SARS has been biding their time, focusing on the most prevalent and usually highest debts.
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