Zuko Komisa

“Taxpayers had colluded to expatriate funds offshore” – SARS institutes legal action against Sasfin Bank.
Edward Kieswetter, the Commissioner of the South African Revenue Service (SARS), has verified that legal action has been taken by the revenue service against Sasfin Bank.
Sasfin Bank, a wholly owned subsidiary of Sasfin Holdings, was served a civil summons for a total amount of R4,872,327,649.27 plus interest and costs in the form of a damages claim, instituted by SARS, shareholders of Sasfin Holdings Limited were informed in an announcement on Tuesday.
A comprehensive investigation has been carried out by SARS into a number of South African taxpayers who failed to provide it with true and accurate tax disclosures.
“The investigation revealed that the taxpayers had colluded to expatriate funds offshore in a manner that obscured tracing the expatriated payments and jeopardises the recovery of tax in South Africa.
“The Commissioner’s position is that it is inappropriate to comment on the question of liability and compensation for the fiscus’ loss, as these are legal issues that are now before the South African judicial system. Given this development, SARS will not be making any further comment,”
The Commissioner for the South African Revenue Service (SARS), Edward Kieswetter
READ NEXT: Faces of 5 suspects charged with murder of AKA revealed



