The launch of Tax Season 2023 has made it clear that SARS is closing in on the tax affairs of South Africa’s richest.
The launch of Tax Season 2023 has shown that the South African Revenue Service has wealthy taxpayers squarely in its crosshairs, with the taxman having some big questions for any individuals worth more than R50 million.
“The compulsory declaration of all South African and International assets and liabilities in the 2023 tax return is just the start – and the process goes far beyond what is just in your name. SARS knows that wealthy taxpayers very often use structures, so this is obviously caught by their 2023 tax return questions.”
During the 2022 Budget Review, the National Treasury and SARS announced that this special disclosure requirement will be imposed for taxpayers with assets above R50 million from the opening of the 2023 filing season. SARS has confirmed these requirements on its “Tax Season” webpage, which confirms that taxpayers with business interests are required to declare their assets and liabilities in their tax returns each year.
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