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News & Press: SARS News & Tax Administration

Just how many of SA's rich are Sars-registered?

05 April 2013   (0 Comments)
Posted by: Jeanette Clark
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By Jeanette Clark (Moneywebtax)

Executive summary

SARS 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 62 full audits have been conducted, yielding a total of R184m. Fourteen individuals were identified as serious offenders and four criminal cases have been opened.

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WHY REGISTER WITH SAIT?

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.

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