All rich South Africans must submit to lifestyle audits - judge Dennis Davis

RELATED: How to get a tax refund from Sars

Rich South Africans’ lifestyles must be audited, said Tax Review Committee Chairperson Dennis Davis on Monday.

The South African Revenue Service (Sars) under-collects between R50 billion and R100 billion each year.

Davis referred to lifestyle audits for the wealthy as “low-hanging” fruit in the mission to collect every rand that is due.

South Africa is short R300 billion this year – a shakeout of tax-dodging, high-net-worth South Africans is imminent.

The Money Show’s Bruce Whitfield interviewed Davis.

There are only about 6000 people who reflect a taxable income of more than R5 million… Drive around Clifton, Camps Bay, Bishopscourt, Bryanston, Sandton… how many people have to have that level of income for the upkeep? … There are a lot of rich people around who aren’t disclosing…

Dennis Davis, Chairperson - Tax Review Committee

You find out who owns these cars, and you do a tax audit on them! What’s the objection?

Dennis Davis, Chairperson - Tax Review Committee

Edward Kieswetter is doing a good job at turning Sars around…

Dennis Davis, Chairperson - Tax Review Committee

The offshore stuff gets tricky… but it’s becoming easier…

Dennis Davis, Chairperson - Tax Review Committee

It’s not difficult to drill down into trusts…

Dennis Davis, Chairperson - Tax Review Committee

Once we start this process… the word will get around… people will knock on the door of Sars…

Dennis Davis, Chairperson - Tax Review Committee

Listen to the interview in the audio below.

This article first appeared on CapeTalk : All rich South Africans must submit to lifestyle audits - judge Dennis Davis

Copyright : https://www.123rf.com/license.php#standard
Source : https://www.123rf.com/photo_32457117_fashion-outdoor-photo-of-beautiful-glamour-woman-with-long-blond-hair-in-elegant-gold-dress-posing-b.html?term=luxury%2Bsexy&vti=lyvg4gyy20e99wo5so-2-62

More from Business

From working in a rented garage to supplying 250+ Checkers stores - Fado Art

16 June 2021 8:52 PM

'When we started with Checkers it was unreal.' Fado Art owner Johan van Zyl tells his company's success story on The Money Show.

Share this:

Read More arrow_forward

"Govt 'loves' entrepreneurs but policy makers don't understand entrepreneurship"

16 June 2021 7:49 PM

Including people who know the plight of entrepreneurs as policy makers would help to cut red tape, says Allon Raiz (Raizcorp).

Share this:

Read More arrow_forward

Getting vaccinated won't affect your life insurance policy (+ more myths busted)

16 June 2021 7:21 PM

Life insurance vaccine myths are being spread on social media. Wendy Knowler sifts fact from fiction on The Money Show.

Share this:

Read More arrow_forward

'With systemic errors in the system, jobless youth cannot become entrepreneurs!'

16 June 2021 6:50 PM

Former Statistician-General Dr Pali Lehohla examines what needs to be done to save SA's youth from 'serious injustice'.

Share this:

Read More arrow_forward

Destigmatising side hustling and why it benefits companies and workers

16 June 2021 5:12 PM

Jon Foster-Pedley, Henley Business School Africa dean and director, speaks to John Perlman about the rising popularity of side hustles, as well as a study Henley conducted looking into the sector.

Share this:

Read More arrow_forward

Clientèle advert a blatant rip-off of Ozzie rail's viral 2012 campaign?

15 June 2021 9:12 PM

'Disappointing'. Branding expert Andy Rice explains why Clientèle's animated ad gets his zero rating for advertising this week.

Share this:

Read More arrow_forward

KZN 'diamond' frenzy: Possibility stones are diamonds is very slim - geologist

15 June 2021 7:25 PM

As people flock to 'diamond' site to get rich, Bruce Whitfield interviews Tania Marshall from the Geological Society of SA.

Share this:

Read More arrow_forward

SA economy likely to recover to pre-Covid levels by end of 2022 already - Sarb

15 June 2021 6:54 PM

Bruce Whitfield interviews Rashaad Kassim, Dep. Governor of the SA Reserve Bank, about the improved outlook for economic recovery.

Share this:

Read More arrow_forward

YWBN Bank founder: 'We're not putting in money but working to make it a success'

15 June 2021 2:56 PM

Nthabeleng Likotsi says one of the conditions of being granted a licence is to appoint auditors and a board, which they have so far done, and that they have been granted authorisation to establish the bank.

Share this:

Read More arrow_forward

Nobody goes into journalism to make money - Anton Harber

14 June 2021 8:07 PM

Bruce Whitfield interviews famed journo Prof Anton Harber about his attitude to money (hopes, fears, successes, failures, etc.)

Share this:

Read More arrow_forward

More from Opinion

"Govt 'loves' entrepreneurs but policy makers don't understand entrepreneurship"

16 June 2021 7:49 PM

Including people who know the plight of entrepreneurs as policy makers would help to cut red tape, says Allon Raiz (Raizcorp).

Share this:

Read More arrow_forward

'With systemic errors in the system, jobless youth cannot become entrepreneurs!'

16 June 2021 6:50 PM

Former Statistician-General Dr Pali Lehohla examines what needs to be done to save SA's youth from 'serious injustice'.

Share this:

Read More arrow_forward

Clientèle advert a blatant rip-off of Ozzie rail's viral 2012 campaign?

15 June 2021 9:12 PM

'Disappointing'. Branding expert Andy Rice explains why Clientèle's animated ad gets his zero rating for advertising this week.

Share this:

Read More arrow_forward

Nobody goes into journalism to make money - Anton Harber

14 June 2021 8:07 PM

Bruce Whitfield interviews famed journo Prof Anton Harber about his attitude to money (hopes, fears, successes, failures, etc.)

Share this:

Read More arrow_forward

How to use debt and equity funding to grow your business

11 June 2021 1:21 PM

The Money Show’s Bruce Whitfield interviews Aurik Business Accelerator founder Pavlo Phitidis.

Share this:

Read More arrow_forward

'Shaleen needed to go to hospital but couldn't afford it' tweeted Lizz Meiring

10 June 2021 9:00 PM

Bruce Whitfield interviews actress and activist Lizz Meiring about the delay in passing the Performers Protection Amendment Bill.

Share this:

Read More arrow_forward

Sygnia's Magda Wierzycka on the JSE's second refusal of a new crypto ETF

9 June 2021 7:39 PM

Bruce Whitfield interviews Magda Wierzycka, co-founder and new executive chair of Sygnia, about its battle with the JSE.

Share this:

Read More arrow_forward

Chicken Licken revives 80s Knight Rider with ad starring super-car KITT

8 June 2021 9:22 PM

Branding expert Andy Rice explains why the 'outrageous' Chicken Licken campaign is a courageous one, on The Money Show.

Share this:

Read More arrow_forward

GDP growth in Q1 beats expectations, but economy still smaller than a year ago

8 June 2021 7:20 PM

Bruce Whitfield gets comment on the latest GDP figures from economist Prof. Adrian Saville and various industry experts.

Share this:

Read More arrow_forward

TikTok for Business in South Africa is a horrible idea - Toby Shapshak (Stuff)

7 June 2021 7:17 PM

The Money Show’s Bruce Whitfield interviews Toby Shapshak, Publisher at Stuff magazine.

Share this:

Read More arrow_forward