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