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We Are on The List Daahling, Are you?

Sunday, 01 July 2007   (0 Comments)
Posted by: TaxFind™
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We Are on The List Daahling, Are you?

First there were the Prada handbag, the Gucci shoes and the Audi TT. Then came the Tuscan villa in Woodhill, the beach house in Plett and the bush hideaway in the Timbavati. And now being on SARS’s list is the most coveted status symbol in town.

What, you may ask, has SARS got to do with status symbols? The answer is short and very sweet: SARS has set up a special unit to ensure that the super rich are caught up in the tax net and that the county’s big fish, when it comes to wealth, are not swimming around freely while the rest of us lesser mortals cough up taxes every year. 

The Sunday Times recently reported that SARS is targeting the 500 richest individuals in South Africa and will have scrutinised their tax affairs by the end of the year. When we say rich, we mean rich. SARS is looking at those who accumulate R7 million or more a year after tax and have net assets of more than R75 million. 

The revenue service will also keep a close eye on the lifestyles of the rich by asking them where their income comes from if they drive Ferraris and Porsches, own horses, yachts, aircraft and overseas villas.

The new unit will be set up under SARS’s Large Business Centre (LBC) and will see to it that the super rich who are not declaring all their taxable income will be brought to book. As repor ted on Money web, the head of the LBC, Motsobane Motlwa, said that this was not a witch-hunt but that SARS wanted to give these individuals better service and make sure that things were working. "We recognise that they contribute significantly to the economy and they're important key players in the growth of the country. We want to give them a personal service and help them to be compliant. We don't want to give the impression that because you have lots of money we think you're a crook," Motlwa said. 

Just imagine sitting at a coffee shop in Hyde Park Corner and overhearing the following: "Sigh, sigh, tut, tut, Donald is in such a state about this whole SARS list thingie,” says the blonde with the body and the piles of bling-bling on ears, neck and arms. "As if he hasn’t enough problems, we have now found ourselves on the list.”

"Shame,” says her friend with the perfect plaits, the pointy shoes and the orange suede tote bag. "Vusi also doesn’t know where to turn. Being on the list is killing him. I told him to stay away from all these mergers and acquisitions, but you know how it is, once you have tasted the good life, you just want to go on and on.”

"Well,” says the blonde, "as I was saying to Donald, rather on the list than not. Can you imagine selling the villa in France and the Lamborghini just because you want SARS off your back?”

"Unimaginable, totally unimaginable!”

Source: By TaxTALK



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