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SARS is auditing more taxpayers more often!

Eight years ago, the South African Government introduced new legislation, the Tax Administration Act of 2012. The Act has given SARS draconian powers with potentially serious consequences for taxpayers. It’s not only the tax offenders who wilfully underpay their taxes who are being selected for an audit but the honest taxpayers too.

There is an increased focus on tax revenue collection as SARS has missed its revenue collection target for 6 years in a row. It currently has in excess of an R300 billion tax shortfall.

SARS is understandably under pressure to meet tax collection targets and reduce this shortfall and even if you believe, like most people, that your taxes are up to date and accurate, SARS can still select you for an audit.

It is with this in mind, that a tax risk insurance product has been developed, to assist taxpayers if they are audited by SARS.

Tax Risk Underwriting Managers is underwritten Bryte Insurance Company - one South Africa’s most respected insurers. Together, we give you 100% assurance that we have what it takes to assist you.

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