All rich South Africans must submit to lifestyle audits - judge Dennis Davis
RELATED: How to get a tax refund from Sars
Rich South Africans’ lifestyles must be audited, said Tax Review Committee Chairperson Dennis Davis on Monday.
The South African Revenue Service (Sars) under-collects between R50 billion and R100 billion each year.
Davis referred to lifestyle audits for the wealthy as “low-hanging” fruit in the mission to collect every rand that is due.
South Africa is short R300 billion this year – a shakeout of tax-dodging, high-net-worth South Africans is imminent.
The Money Show’s Bruce Whitfield interviewed Davis.
There are only about 6000 people who reflect a taxable income of more than R5 million… Drive around Clifton, Camps Bay, Bishopscourt, Bryanston, Sandton… how many people have to have that level of income for the upkeep? … There are a lot of rich people around who aren’t disclosing…Dennis Davis, Chairperson - Tax Review Committee
You find out who owns these cars, and you do a tax audit on them! What’s the objection?Dennis Davis, Chairperson - Tax Review Committee
Edward Kieswetter is doing a good job at turning Sars around…Dennis Davis, Chairperson - Tax Review Committee
The offshore stuff gets tricky… but it’s becoming easier…Dennis Davis, Chairperson - Tax Review Committee
It’s not difficult to drill down into trusts…Dennis Davis, Chairperson - Tax Review Committee
Once we start this process… the word will get around… people will knock on the door of Sars…Dennis Davis, Chairperson - Tax Review Committee
Listen to the interview in the audio below.
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