Sars has fired several shots across the bows of tax evaders in recent times. If the Sars income tax assessment carried out on Ponzi supremo Barry Tannenbaum is anything to go by, then Moneyweb can state unequivocally that Sars will expend an enormous amount of time, effort and resources in assessing the tax liability of errant high net worth individuals (HNWIs).
Tannenbaum and his wife, Deborah, fled South Africa for Sydney, Australia in mid-2007, having been hounded by investors in his R12.5bn scheme which he started in 2004. His estate was finally sequestrated by the South Gauteng High Court in August 2009.
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.