Tag: High Wealth Individual (HWI)
The new R50 Million asset disclosure – SARS’ due diligence or...
The South African Revenue Service (SARS) has been hinting at introducing a wealthy individual “specific asset” disclosure for some time – and it is finally here! As of the commencement of the 2023 Tax filing season, individuals holding assets valued at R50 million or more now need to provide a “high level” disclosure to SARS.
No wealth tax, but trustees beware
Despite speculations that government has revived plans to introduce a wealth tax, the focus of the South African Revenue Service (SARS) has instead shifted to compliance of wealthy taxpayers with complex financial structures as well as trusts.
