n Tax Breaks Newsletter - SARS takes on the 150 richest South Africans : investigations

Volume 2006, Issue 249
  • ISSN :



Extracted from text ... INVESTIGATIONS Moneyweb's TAX BREAKS October 2006 5 SOUTH AFRICA'S annual tax gap is estimated to be between R10bn and R30bn, largely due to international evasion and avoidance by corporates. The worldwide tax gap due to these activities is estimated to be US$255bn. But the South African Revenue Service (SARS) is not letting this pass it by. It is in the beginning stages of investigating tax fraud and foreign exchange contraventions among high-net-worth individuals, says SARS spokesperson Adrian Lackay, and is examining the tax affairs of the 150 richest South Africans. One of its most prominent cases has been that of ..

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