South Africa

SARS Appoints Individual High Wealth Segment Director

The South African Revenue Service (SARS) has announced the appointment of Natasha Singh, a Chartered Accountant with over 20 years of experience, as Director of the High Wealth Individual (HWI) Segment.

Singh started in her new role on Monday, October 18, 2021.

She holds a Master’s degree specializing in taxation. She joined SARS from Eskom where she held the position of financial manager: group insurance and taxation.

The tax collector said Singh’s appointment was most timely as it coincided with a number of recent reports affecting the hugely important segment of taxpayers, including the recently released Pandora Papers.

In keeping with its strategic goal of making it easy and simple for taxpayers to comply with their legal obligations, SARS said Singh’s appointment “was of strategic importance to help improve high net worth individuals’ compliance with complex financial arrangements. “.

SARS Commissioner Edward Kieswetter said the collector recognizes the contribution of this segment’s revenues, in its various forms, to the Republic of South Africa.

“We also recognize the likely challenges that may or currently exist with respect to tax matters and the tax obligations of individuals and their families. Wealthy people tend to organize their financial affairs in complex on- and off-shore structures, often obscuring their direct beneficial ownership and real income, ”he said.

Kieswetter added that the continued revelations in the global media regarding the financial transactions of high net worth individuals across the globe is an issue that requires proper investigation by suitably qualified experts such as Singh.

“As our initial selection includes approximately 1,500 high net worth individuals and their associated entities, to ensure focus, we will continue to expand our reach to include more individuals and families.

“As SARS is committed to helping taxpayers meet their legal obligations, the organization is also committed to detecting and deterring instances of non-compliance. In addition, SARS will not tolerate willful non-compliance and will make it difficult and costly for these taxpayers without fear or favor, ”Kieswetter said.

Upon her appointment, Singh said she was “deeply grateful and humbled by the rare privilege entrusted to me as the first director of the SARS Wealthy Individuals Unit.”

“I am a civil servant at heart and a strong believer in the power of action. By marrying my passion for the public sector with a thirst for a purpose, I hope to honor and positively contribute to the overarching goal of SARS of serving the well-being of all South Africans, ”she said. .

The Commissioner introduced Singh to his colleagues and staff at the Woodmead offices where the new unit will be co-located with the Large Business and International (LB&I) segment. – SAnews.gov.za

SARS Appoints Individual High Wealth Segment Director

SourceSARS Appoints Individual High Wealth Segment Director

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