Over the past few months, the taxman has been targeting ‘unexplained wealth’ in South Africa and has been sending letters to well-off taxpayers under the new High Wealth Individual Unit.
The South African Revenue Service is on a wealth crackdown and plans to use new methods of tracking funds to discourage and mitigate financial crime.
The HWI unit was established in late 2021 with the aim of looking into the finances of wealthy South Africans. Under its director Natasha Singh, the HWI unit will detect taxpayers who do not comply with tax regulations and/or are individuals with gross assets worth R75 million. On top of the new HWI unit, SARS is looking abroad to the UK for methods of targeting wealth domestically.
Politically Exposed Persons – these include individuals who hold “prominent public functions” like ministers, members of parliament, and ambassadors, as well as their families, well-known close friends, and other connections.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Luxury-goods buyers in Sars crosshairsSouth Africa’s tax agency - sarstax is investigating luxury-goods purchases as part of a clampdown on individuals it suspects are deliberately hiding sources of income from the authorities. Moneyweb Tax
Read more »
Kenya: Focus Shifts to Ruto's Swearing-in as Fifth President After Verdict Upholding VictoryFocus has now shifted to President-Elect William Ruto's swearing-in after the Supreme Court on Monday validated his August 9 election victory.
Read more »
Business Maverick: What to watch as commodities markets brace for hits to supplySupply issues are set to dominate commodities trading in coming days, with Europe’s natural gas shortage in focus along with an OPEC+ decision on what’s next for oil flows.
Read more »
Regulator scrutinises tobacco kingpin evidence in Magister-Tongaat takeoverTakeover Regulation Panel is examining Sars evidence from Simon Rudland for 'contradictions'
Read more »
Renergen switches on its liquid natural gas plant and begins operationsThe group will now focus on ramping up operations of Phase 1 of the plant
Read more »