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The Budget 2022 announced a new tax disclosure for wealthy taxpayers. This is part of SARS’ High Worth Individual strategy and where a dedicated unit is now operating within SARS to focus on these taxpayers. The new disclosure will place a significant compliance burden on wealthy taxpayers, which has received formal endorsement from the National Treasury in last week’s speech -   “To assist with the detection of non‐compliance or fraud through the existence of unexplained wealth, it is proposed that all provisional taxpayers with assets above R50 million be required to declare specified assets and liabilities at market values in their 2023 tax returns. The additional information will also help in determining the levels and structure of wealth holdings as recommended by the Davis Tax Committee.” – Page 45, Chapter 4, Full Budget Review 2022

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