Lifestyle audits of high-net-worth individuals should be undertaken as one of the immediate steps to close the yawning gap between what the revenue authority can realistically expect to collect from taxes and what it in fact collects, judge Dennis Davis says.

The tax gap is estimated to be between R50bn and more than R100bn annually. With the SA Revenue Service (Sars) facing a revenue shortfall of over R300bn this year due to the sluggish economy and the devastating effects of Covid-19, it needs to seek every legitimate means possible to extract the money rightfully due to it...

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