The New R50 Million Asset Disclosure: SARS’ Due Diligence or An Investigative Window?
The South African Revenue Service (SARS) has been hinting at introducing a wealthy individual “specific asset” disclosure for some time – and it is finally here!
Inter-Organisational Eradication of Non-Compliance – Proposed, or Promulgated?
When considering SARS’ well-known “Strategic Intents” one can easily see the implementation of the “Beneficial Ownership Register” by the Companies and Intellectual Property Commission (CIPC) as a precursor for SARS’ international crackdown on non-compliance.
Splitting the Difference: New Rules for Taxpayers Ceasing Tax Residency
On 31 July 2023, National Treasury published the new draft tax law amendment bills for public comment. The public can submit their comments on the proposed amendments until the close of business on 31 August 2023. Whilst a number of the proposed amendments will not impact the average taxpayer, expatriates – specifically those who cease […]
AIT Process Links Non-Compliant Companies to Individuals
Individuals and companies alike have seen increased scrutiny from the South African Revenue Service (SARS) since the greylisting of South Africa (SA) by the Financial Action Task Force (FATF). One key aspect of this has been the introduction of the new complex and document-heavy Approval for International Transfer (AIT) Tax Compliance Status (TCS) process for […]
SARS Nails Taxpayer Based on Bank Information
On 06 July 2023, the High Court handed SARS a big win in CSARS v M (A5036/2023) [2023] and where SARS challenged a taxpayer that what was on their tax return and bank account did not match. It is general knowledge that SARS knows everything in your bank account and this case is a perfect […]