SARS Appoints Eskom Executives to Head the High Net Worth Tax Department

Former Escom executive Natasha Singh has been appointed to head the wealthy taxpayer unit of the South African Revenue Service (SARS). This unit was founded by the tax authorities to scrutinize the wealthiest people in the country.

Shin, a certified accountant with nearly 20 years of experience, will join SARS as the first director of the HNWI individual unit. She will move from Escom, who was the Chief Financial Officer for Group Insurance and Taxation.

She holds a master’s degree in tax affairs.

In a statement released Monday, SARS stated that her appointment was “strategic.”

“Her appointment is most appropriate because it is consistent with many recent reports affecting this important segment of taxpayers, including the recently released Pandora Papers,” he said.

Faced with years of shortages and striving to crack down on the Dodgers, SARS has set up a high net worth individual unit to bring more income from wealthy taxpayers. However, tax authorities seem to be taking a cautious approach, describing the unit as a unit that offers personalized services similar to private banking relationships, rather than a move to target the rich.

The unit, whose capabilities have expanded since its inception, has appointed a dedicated relationship manager to oversee the profile of each wealthy person in its sight.

SARS Commissioner Edward Keithwetter said tax authorities have acknowledged the “challenges” that can arise in raising income from the wealthy. “We recognize the various forms of revenue contributions from this segment to South Africa, as well as the tax and tax affairs of individuals and their families that may occur or may currently exist. We are also aware of certain issues.

“Wealthy individuals tend to adjust their finances with complex onshore and offshore structures, often obscuring direct and beneficial ownership and true income,” he said.

Fin24 previously reported that about 4,000 of South Africa’s ultra-rich people have left the country in the last decade, of which 500 have left the country in 2019.

SARS Appoints Eskom Executives to Head the High Net Worth Tax Department

Source link SARS Appoints Eskom Executives to Head the High Net Worth Tax Department

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