The rich come clean

Punch cartoon (1907); illustrates the unpopula...

JOHANNESBURG – The South African Revenue Service Sars has uncovered thousands of unregistered high-net worth individuals HNWIs following a year-long investigation and has developed a DNA of these individuals that will allow it to discover thousands more.Its countrywide investigation has uncovered 9 300 HNWIs those earning a gross income of more than R7m per year or who have assets in excess of R75m who could be costing Sars R48bn in revenue, see chart. In a press statement released in April, Sars only had about 360 individuals in this income category registered.

via Moneywebtax – Sars uncovers 1000s of missing rich tax cheats – Income tax

If you are rich and under-declaring, come to Fixed Accounting where we legally help you to pay less tax.

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