Earlier this year the names of 100,000 HSBC account holders were leaked to the media. This became a scandal as HSBC had conspired with its customers to shield them from tax obligations.
South African individuals and companies were amongst the names revealed. Clearly, SARS has access to this information. In addition, SARS has been exchanging information with the Organisation for Economic Cooperation and Development (OECD) and has compiled lists of South African taxpayers with investments in OECD countries – these names are being matched to its South African tax database.
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