The South African Revenue Service is working with banks and fund managers in a bid to recoup an estimated R30 billion in unpaid taxes, according to a recent Business Day report.
After scrutinising some 500,000 records from bank accounts, fund management firms, and medical aid societies, SARS concluded that 200,000 taxpayers had failed to declare around R1.16 billion in interest income during the 2001 tax year, with an outstanding tax value of R420 million. Of the 200,000 uncovered, it has been reported that 40,000 cases have been given a higher priority, as they account for 80% of the outstanding tax.
SARS will also shortly complete a data matching exercise involving companies and trust firms which will evaluate capital gains taxes, investment income, rents and royalties.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment