Taxman to receive detailed bank account information of all bank clientele

Government Gazette no. 35090 (the Gazette), issued on the 29 February 2012, has fundamentally changed the access the South African Revenue Services (SARS) has to every person’s bank account information.

The Gazette gives notice that in terms of section 69 of the Income Tax Act all “reporting institutions” are required to submit bi-annual returns directly to SARS in respect of all monies “invested with, loaned to and deposited” with the reporting institution, and in respect of interest received by or accrued to any person from the “reporting institution”. The first returns, covering the period 1 March 2012 to 31 August 2012 are required to be submitted to SARS by 31 October 2012.