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Discrepancies on the Declaration of Interest Income

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					Discrepancies on the Declaration of Interest Income

On Friday 10 October 2003 -- The South African Revenue Service (SARS)
distributed notification letters to 22 000 taxpayers to advise them of
discrepancies on the declaration of interest income.

The notification is part of SARS efforts to reduce the tax gap and to broaden the
tax base. The exercise involved SARS comparing the interest income declared to
it by individual taxpayers, and the declarations of interest income by the banks,
fund management companies, medical aid societies and so on.

SARS discovered that substantial amounts of interest income that should have
been declared to it were not.

For example, of the 577, 000 records received from the external agents, over
200, 000 showed a positive discrepancy between the tax declarations and the
external agents’ data.

From the feedback we have received from the taxpayers we have been able to
deduce that the data is inconsistent. SARS is actively addressing the matter.

SARS is calling on taxpayers who may have identified inconsistencies in the
notification letters to please call our call centre number (021) 413 5000.

ISSUED BY:

The Commissioner for the South African Revenue Service
Private Bag X923
PRETORIA
0001
15 October 2003

For more information please contact Sechaba Nkosi (012) 422 5046 or 082 465
2901.

				
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Description: Discrepancies on the Declaration of Interest Income