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

11 January 2021 6:28 PM
Tags:
SARS
The Money Show
Bruce Whitfield
Tax
South African Revenue Service
Tax Review Committee
Dennis Davis
tax revenue
tax shortfall
rich
wealthy
Lifestyle audits
high-net-worth
HNW

Auditing the lifestyles of potentially tax-dodging rich South Africans is low-hanging fruit, says Davis (Tax Review Committee).

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.

© slava77777/123rf.com

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




11 January 2021 6:28 PM
Tags:
SARS
The Money Show
Bruce Whitfield
Tax
South African Revenue Service
Tax Review Committee
Dennis Davis
tax revenue
tax shortfall
rich
wealthy
Lifestyle audits
high-net-worth
HNW

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