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SARS wants new laws to help it go after these taxpayers

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The South African Revenue Service (SARS) commissioner Edward Kieswetter says that the government should consider introducing new laws to help the tax collector go after people with ‘unexplained wealth’ in the country.

, Kieswetter said that while SARS has some tools at its disposal to put pressure on these individuals and entities, it was still hamstrung and limited by its mandate.

The change could also assist corruption watchdogs such as the National Prosecuting Authority, the Hawks, the Financial Intelligence Centre and the Financial Sector Conduct Authority, he said. SARS has proposed that all provisional taxpayers with assets above R50 million be required to declare specific assets and liabilities at market values in their 2023 returns.

Following the party’s recent policy conference, delegates said they are in favour of some form of wealth tax, proposing that it target the top 5% of high net worth individuals and estates with significant assets.New laws in the UK have been brought in over time to make tackling economic crime easier for law enforcement bodies, said Ali Shalchi, the UK House of Commons business and finance specialist.

Someone suspected of being involved in a serious crime – these people are either connected with or suspected of a serious crime. In order for them to be given an order, there needs to be ‘reasonable grounds for suspicion.

 

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