The rich come clean

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.

Related articles

• Let’s hear it for the 1% (opinion.financialpost.com)
• How the Wealthy Slash Their Income Tax Bills (mint.com)
• CNBC: For Asia’s Rich, All That Glitters Is Still Gold (cointrader.wordpress.com)

I don’t mind paying tax. It’s what I owe.

So, even though I am looking at a R9 000 tax bill (eish!) I somehow don’t mind. It’s what I owe. It’s my duty to pay it.

And at least Sars said thank you. For that, it gets an Orchid from me.

via Taxman tops the pile while Telkom simply torments us – Saturday Star

Related articles

• Caris Brook – October 2011 Newsletter (localaccountant.wordpress.com)

6000 clothing shops not paying tax

There are up to 6000 informal, foreign-owned clothing retail stores flourishing in SA, many selling cheap Chinese imports and blatantly flouting SA taxes and labour regulations. All the while these stores are stealing market share from SA’s formal low-cost clothing retailers.

This is the contention of a study by Econex, an economics consultancy in Stellenbosch.

via Retail – Informal sector-Tax-free profits