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

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

Economy in 2021: 'Expect a better year for South African assets'
An economist expects China growth at 9.5%, US money-printing, rising metal prices and trade- and current-account surpluses in SA.
Read More
Retirement funds in SA are changing – new laws come into effect on 1 March 2021
Bruce Whitfield asks personal finance advisor Warren Ingram to explain in detail the new laws affecting provident funds.
Read More
Wine industry runs out of storage due to ban - R1.5b's worth could be lost
A new harvest is imminent and there's no more space for unsold wine. We have the highest stock level ever - Vinpro's Rico Basson
Read More
Don't fall for promises of high returns from latest investment scam, warns FSCA
A new scam is surfacing on Facebook and WhatsApp groups. The masterminds are even using the FSP number of a legitimate company.
Read More
'Thank you Mr President for not shutting us down, but we need more support!'
Loadshedding is another blow to the struggling restaurant industry. We need more relief says Grace Harding (Restaurant Collective)
Read More
Pick n Pay announces retirement of CEO credited with retailer's turnaround
Richard Brasher will be replaced by Netherlands-born Pieter Boone in April. A retail expert evaluates Brasher's performance.
Read More
Telegram now counts 500m active users. 'People are rebelling against Facebook!'
The new privacy policy being implemented by WhatsApp's parent company is the straw that broke the consumer's back - Toby Shapshak
Read More
Mindful drinking: 'Non-alcoholic drinks having a heyday in SA right now'
Non-alcoholic drinks can be seen on shelves just about everywhere. Bruce Whitfield interviews Mindful Drinking SA's Sean O'Connor.
Read More
Singh must provide affidavit by Monday after non-appearance at Zondo Commission
Former Eskom CFO Anoj Singh will still have to appear after not testifying as scheduled, says EWN's Gaye Davis. But will he sing?
Read More
A Social Reckoning
How to balance free speech with constructive engagement and manage it all as a business.
Read MoreMore from Opinion

Economy in 2021: 'Expect a better year for South African assets'
An economist expects China growth at 9.5%, US money-printing, rising metal prices and trade- and current-account surpluses in SA.
Read More
Elon Musk slips to no 2 in 'richest' rankings (but earns Andy Rice's hero award)
Pretoria-born Musk is a role model in terms of vision, creativity and conviction says branding expert Andy Rice.
Read More
'ANC is against another hard lockdown'
"Family meeting" – the scariest words in the English language. Bruce Whitfield interviews News24 Political Editor Qaanitah Hunter.
Read More
Africa free trade agreement: 'Moving people across borders is the real magic'
The Continent is uniting. Ray White interviews Adrian Saville of the Centre for African Management and Markets at Gibs.
Read More
[WATCH] Nando’s ends sh*tty year on spicy note with 'Karens by Candlelight'
Nando’s – as always – reads the room like few other brands, says Andy Ross of advertising agency Chaos Theory.
Read More
I trust the science and I'm feeling great - Covid vaccine trial volunteer
US health policy strategist Lisa Bari has received the first dose of Johnson & Johnson's experimental coronavirus vaccine.
Read More
Odds of catching Covid-19 vs crashing your car (and other calamities)
Dr Johan Ferreira (Senior Lecturer in Statistics at UP) on the chance of contracting Covid-19 compared to other dangers.
Read More
[WATCH] Young dancer triumphs over 2020 adversity in Amazon Christmas ad
Christmas in the year of Covid - Amazon sets its tv campaign to Queen's 'The Show Must Go On'. Delightful, says Andy Rice.
Read More
Vaccine optimism is priced in – asset manager
Investors are getting ahead of themselves, warns Pieter Hundersmarck, a fund manager at Flagship Asset Management.
Read More
Former President Thabo Mbeki startles ANC NEC with first attendance in a decade
Political analyst Mpumelelo Mkhabela discusses the probable reasons behind Mbeki's shock attendance.
Read More