SA REVENUE SERVICE: Escaping Moyane’s shadow
The Sars unit destroyed in the state capture years is back to target those hiding their wealth offshore
The SA Revenue Service (Sars) is after the wealthy and those seeking to hide their wealth offshore. Again.A dedicated unit focusing on the rich and those with "complex financial arrangements" is being revitalised at the tax agency.The "high wealth individual taxpayer segment", as it is called, is housed in the revenue service’s large business centre. It is, it seems, a reincarnation of the unit that was neutralised and destroyed during the state capture years under former commissioner Tom Moyane.The unit has already begun its work.In a statement, Sars says it has received information from 87 jurisdictions around the world detailing the offshore financial holdings of SA taxpayers. It is now set to review and potentially audit these individuals where necessary.It will, however, be taking a "voluntary compliance approach"."In the interests of fair and efficient administration of the system, Sars will be writing to affected taxpayers to request information about their offshore holdings....