Frankly you don't know what you are talking about. SARS does not have access to bank systems. Yes, i.t.o. powers allocated to them in the Income Tax Act they can request information from the banks, but that only happens when something caused a flag at SARS and you are investigated for whatever reason. The important part to understand is that such a flag will never originate from the bank e.g. by making a large deposit. There simply is no bank monitoring system in place.
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SARS and Banks
- Thread starter Thugscub
- Start date
Frankly you don't know what you are talking about. SARS does not have access to bank systems. Yes, i.t.o. powers allocated to them in the Income Tax Act they can request information from the banks, but that only happens when something caused a flag at SARS and you are investigated for whatever reason. The important part to understand is that such a flag will never originate from the bank e.g. by making a large deposit. There simply is no bank monitoring system in place.
ok i'm not going to continue this arguement with all of those who seem to think "i'm a person who knows everything". i worked in SARS for 26 years in assessing and auditing. i have just had a client's bank account frozen by the very same SARS people. nothing i can do for him as they are going to take his money from him due to his debt owing to SARS. enough said.
Haven't followed much of your posts... but what you say above doesn't support SARS just having access to bank accounts etc. In fact this explains it nicely:
So when you say your "client" will have his bank account frozen, what are the reasons? Ah... he owes SARS a large sum of money so SARS is going after his account... much like SiriS said above... "only happens when something caused a flag at SARS and you are investigated for whatever reason", I don't see anything strange in this or how it ties in to the OP? Your client caused SARS to come after him due to non payment, simple as that
Bondizzo
Expert Member
I think the banks have a flag for certain amounts like if you deposit above 10k cash, for money laundering causes. You've already payed tax in bots so you wouldnt pay any here, If you earn interest here you'll pay tax for it in Bots(if you declare it).