South Africa’s IRS: This is how much money SARS sniffed out from SA’s richest taxpayers
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The South African Revenue Service has published its annual report for the 2022/23 financial year, ending March 2023.
While the report features many of the stats and tax data that have already been reported over the months, the document also includes a breakdown of tax collections derived from the revenue service’s specialised units – including the Specialised Audit unit and the High Wealth Individual unit.
SARS has threatened for years to clamp down on ‘wayward’ wealth in the country, including homing in on taxpayers who exhibit lifestyles that do not match up with their taxes while also putting a particular focus on wealthy taxpayers who have more “complex” tax affairs.
The SARS HWI Unit, headed by Natasha Singh, carries a threshold of R75 million, and delves into the tax affairs of individuals or trusts who meet or surpass it.
According to SARS’ annual report, it has been able to draw in R2.7 billion in revenue collections from this unit, representing a growth of 7% (or R169 million) against the previous year.
SARS noted that there are significant “volatility” risks associated with this particular unit and the steadiness of income projections tied to it. This is because the largest contributors to revenues here – personal income tax, provisional tax, estate duties, donation tax, etc – are not fixed.
“These products are based on economic activities that are not fixed, unlike PAYE, for instance, and are often driven by transactions that are not likely to recur, e.g., disposal of shares and where the timing is difficult to predict,” it said.
However, with a R2.7 billion haul, the taxman’s focus on the richest of South African taxpayers is paying off, and expected to delve even deeper as it expands and better-equips the unit going forward.
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