has 2 300 high net worth individuals on its register. Such persons have
a gross income equal to R7m or more and/or their gross wealth equals
R75m or more. Compliance reviews were performed on 280 HNWIs over the
last 12 months, of whom 109
were identified as high risk and earmarked for a full audit. A total of
audits have been conducted, yielding a total of R184m. Fourteen
individuals were identified as serious offenders and four criminal cases
have been opened.
Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.
MINIMUM REQUIREMENTS TO REGISTER
The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.