SARS goes after Agliotti for tax evasion - make sure it doesn't come after you!
SARS is at it again. This time, it's after overseas bank accounts that belong to convicted drug dealer Glenn Agliotti. The taxman believes Agliotti has funds in European bank accounts in Geneva and Guernsey. It believes he's trying to put the money beyond the reach of South African creditors, EyeWitnessNews reports. While you await the outcome of this legal showdown, in the meantime, make sure you're aware of which six tax evasion offences could get you five years in jail so you can avoid them.
Tax evasion is one of the offences under the Tax Administration Act (TAA) that SARS can prosecute you for.
And that's why you need to ensure you steer clear of any practices it deems illegal.
Steer clear of these six tax evasion offences or face jail time
Any of the following tax evasion offences could get you five years in jail, says warns the Practical Tax Loose Leaf Service:
If you try to evade tax or you assist someone else to evade tax or get a refund that's not due;
If you make or allow any false statement or entry in your tax return or any other document you submit to SARS. Or if you sign a statement, return or other document you've submitted without reasonable grounds for believing them to be true;
If you receive a request for information from SARS and you give a false answer, either verbally or in writing;
If you either prepare or keep false books of account or other records or if you authorise someone else to falsify these books of account and other records;
If you're fraudulent or allow someone else to be fraudulent; or
If you make any false statement to get a refund or to be exempt from tax.
Be warned: SARS takes a very hard-line approach to dealing with non-compliant and lax taxpayers. Make sure you keep these criminal offences handy so you know what you aren't allowed to do.