SARS registers 200 top earners and targets 300 more
Two hundred wealthy South Africans are now registered with the high-net-worth-individual unit set up last year by the SA Revenue Service (SARS) and at least another 300 will be registered this year.
These include chairmen, CEs and directors of top firms, says Business Report. The identification of candidates SARS is to investigate in its campaign to root out tax dodgers was based on public information on salaries, bonuses, share options and the sale and purchase of shares by directors of listed companies. Notices of company takeovers, new appointments or the retirement of top management also provided information. The campaign, which began last year after SARS realised that many rich South Africans pay no or very little tax, is focusing on those who earn between R5m and R40m a year or have net assets exceeding R75m. Full report in Business Report