The taxman also said it intends to increase the number of prosecutions against non-compliant taxpayers this year as it tries to make it as difficult and expensive as possible for those looking to flout their tax obligations.
For 2024/25, SARS said it would continue to build on this, using technology like artificial intelligence, machine learning and virtual platforms to make meeting tax obligations much easier. SARS noted that while its ideal is for South African taxpayers and traders to submit returns and taxes voluntarily, it will also enforce compliance and make it hard and costly for taxpayers to remain non-compliant.
It will also monitor the “growing alternative-energy sub-sectors” to ensure enhanced compliance levels and maximum revenue collection, it said.SARS said that the current “lacklustre” economic landscape in South Africa, characterised by high inflation and high interest rates, poses a significant risk to tax collection this year.
Source: Financial Digest (financialdigest.net)
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