SARS is coming after these two sectors in South Africa

The taxman also said it intends to increase the number of prosecutions against non-compliant taxpayers this year as it tries to make it as difficult and expensive as possible for those looking to flout their tax obligations.

For 2024/25, SARS said it would continue to build on this, using technology like artificial intelligence, machine learning and virtual platforms to make meeting tax obligations much easier. SARS noted that while its ideal is for South African taxpayers and traders to submit returns and taxes voluntarily, it will also enforce compliance and make it hard and costly for taxpayers to remain non-compliant.

It will also monitor the “growing alternative-energy sub-sectors” to ensure enhanced compliance levels and maximum revenue collection, it said.SARS said that the current “lacklustre” economic landscape in South Africa, characterised by high inflation and high interest rates, poses a significant risk to tax collection this year.

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

South Africa Emerges as America's Largest Trading Partner in AfricaSouth Africa has become America’s largest trading partner in Africa, with over $20-billion of two-way trade of goods. More than 600 American businesses now operate in South Africa. Africa's population is expected to grow significantly by 2050, presenting opportunities for investment. US Secretary of the Treasury Janet Yellen visited South Africa to strengthen ties between the two countries and continents.
Source: dailymaverick - 🏆 3. / 84 Read more »