SARS starts to target buyers of luxury goods

ATL-Editor 7 September 2022

Article originally published by NEWS24

The SA Revenue ServiceTax authorities are fundamental institutions within government frameworks, overseeing tax assessment, collection, and administration. Their operations ensure that tax laws are enforced and public funds are collected efficiently. This article delves into tax authorities' purpose, responsibilities, and structure, offering insights into their essential role in supporting government functions and economic stability. What is a Tax Authority? A tax authority is... (SARSThe South African Revenue Service (SARS) is the official tax authority responsible for the administration and enforcement of tax laws in South Africa. It plays a crucial role in managing the country’s fiscal policy by collecting revenue, administering customs, and ensuring compliance with tax legislation. Established under the South African Revenue Service Act, No. 34 of 1997, SARS functions independently...) is investigating luxury-goods purchases as part of a clampdown on individuals it suspects are deliberately hiding sources of income from the authorities.

“We’re starting to look at who is buying luxury apparel and we’re trying to find out where do these people get their money,” Chief Revenue Officer Johnstone Makhubu said Monday at a conference hosted by The South African Institute of Taxation. The project is a step toward giving tax authorities a broader view of people that “aren’t in our purview that we’d like to bring into the net,” he said.

Read the rest of the article at NEWS24.com:

https://www.news24.com/fin24/economy/sars-starts-to-target-buyers-of-luxury-goods-20220905

Categories: Africa, South Africa

Tags: luxury goods, SARS

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