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Credit Suisse tax fraud case shows why you should NEVER evade tax

by , 23 May 2014
Earlier this week, the Credit Suisse Group pleaded guilty to criminal charges that it helped Americans evade taxes.

This after an investigation found evidence of an extensive and wide-ranging conspiracy to hide taxes from the Internal Revenue Service (IRS) and the bank's involvement in it, the Guardian reports.

The leading global financial services company will now pay a hefty fine of $2.5bn for the crime.

In the Guardian report, Attorney General, Eric Holder says, 'This case shows that no financial institution, no matter its size or global reach, is above the law.'

SARS also shares the same sentiments. It doesn't tolerate tax evasion.

In fact, earlier this year, it managed to have Julius Malema's estate provisionally sequestrated. But it's not just the big names in business that need to watch out for SARS! They look into everyone's taxes!

And that's why you MUST never try to evade tax. If you do, you'll face these penalties.


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Over 500 pages compiled by our tax experts, comprising of:

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  • Case studies and practical examples that show you what elements you should consider for your taxes to be perfect.
  • Red flags you need to watch out for and the penalties you'll face if you don't respect them.
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You will also get free access to the accountingandtaxclub.co.za. Here you'll find questions and answers on any tax and accounting issues. You can also ask our experts a tax question.

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Warning! Tax evasion will result in these penalties

If SARS finds you guilty of tax evasion, they can apply penalties as high as 200%. Tax evasion can also get you up to five years in jail. That's just the minimum.

On its website, SARS warns people and companies who cheat the tax system. It says they'll face criminal prosecution and maximum civil punitive measures.

SARS adds: In2011, a person was convicted and received a jail sentence of 30 years for tax evasion.

The taxman's advise to you is that 'it's simply not worth it.'

Our experts also have advise for you regarding tax evasion.


Avoid 200% tax penalty 

Find out how to avoid penalties of up to 200% today


Keep this in mind when it comes to tax evasion

In this article, tax experts behind the Practical Tax Loose Leaf Service explained that 'when it comes to tax evasion, SARS will shift the onus of proof to you. This means you'll have to prove you didn't enter into a dodgy deal to avoid paying tax.'

They say the best thing you can do for yourself is to be honest with your tax affairs and apply the correct legislation at all times.

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