2 minute read
26 Feb 2021
7:02 am

New Sars unit move not a punishment for the rich


Hard work and genuine entrepreneurship are, after all, valuable assets in a developing country like ours.

Picture: Moneyweb

It is a sobering thought that, in a country with such widespread poverty, the number of South Africans who are “dollar millionaires” (with net assets of more than R14.7 million) would take up more than 60% of the capacity of Ellis Park Stadium. The South Africa Revenue Service (Sars) is turning its spotlight on those 38,400 individuals – who often utilise complex tax structures and offshore trusts to minimise their local tax obligations. Experts say that the establishment of a dedicated unit within Sars for this class of taxpayer (the so-called high net worth individuals) is long overdue. ALSO READ:...