[LISTEN] SARS clamps down on non

Aubrey Masango speaks with Jashwin Baijoo, Head of Strategic Engagement and Compliance at Tax Consulting SA

The South African Revenue Service is paying close attention to taxpayers with assets of more than R50 million.

High-net-worth taxpayers will have to submit extremely detailed information on their local and foreign assets for their tax returns.

Baijoo says that this was brought up in the 2022 budget speech as a way for SARS to get a handle on suspicious activity.

SARS is using this as a means to identify noncompliance and delve deeper into what they believe could be unexplained wealth.

Where there is non-compliance amongst high-wealth individual, it is generally of a much higher amount.

The average taxpayer might get a letter of demand from SARS for R5000, whereas the high-wealth guy, his letter of demand will be about R5 million.

He says that SARS will ensure people with high net-worth can evidence the source of their wealth.

According to Baijoo, this is important because it shows that the revenue service is able and willing to investigate complex tax matters, meaning there is nothing to stop them from investigating any taxpayer who appears to be noncompliant.

It is ultimately to fill the fiscus to cater for things like service delivery.

Who knows maybe if this R50 million disclosure goes well and great extents of non-compliance are picked up, there will be enough in the fiscus to sort out the load shedding.

While this could have short term benefits, Baijoo says there is the risk of wealthy taxpayers choosing to financially immigrate and have their tax residency status moved overseas.

Listen to the interview above for more.

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