It has been announced that the accounts of 180 HNWIs have been audited and investigated with another 30 left to be investigated in the current financial year.
According to Sars, HNWIs are people who earn a gross income of more than ZAR7 million a year or who have assets in excess of ZAR75 million.
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Sars has identified more than 50 HNWIs owing luxury private planes valued at more than ZAR20 million but declared gross income of less than ZAR1 million. Similarly, more that 1,100 individuals have been identified who own a property worth more that ZAR30 million but do not pay the tax.
The action taken by Sars had a positive result as two errant taxpayers have agreed to pay over ZAR200 million each for previously undeclared tax.
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By GlobalData
