The South African Revenue Service has announced a crack down in the misreporting of income for tax purposes and has recently written notification letters to 22,000 taxpayers advising them that discrepancies have been discovered on their declarations of interest income.
The notification is part of SARS efforts to reduce the tax gap and to broaden the tax base. The exercise involved SARS comparing the interest income declared to it by individual taxpayers, and the declarations of interest income by banks, fund management companies, medical aid societies and so on.
SARS discovered that substantial amounts of interest income that should have been declared to it were not. For example, of the 577,000 records received from the external agents, over 200,000 showed a positive discrepancy between the tax declarations and the external agents’ data.
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