On October 23, 2019, the Commissioner of the South African Revenue Service (SARS), Edward Kieswetter, launched the re-established Large Business Centre at its new premises in Woodmead, which aims to bring about higher levels of voluntary tax compliance among large taxpayers. HE identified that the Large Business Centre is to become a centre of excellence that responds effectively to challenges and requirements presented by this complex taxpayer segment and which is aligned to international tax administration best practice. The value proposition offered by the large business centre is to promote voluntary compliance at the lowest cost to the taxpayer and SARS, with a three-pronged approach.
Large businesses are defined as groups or entities with a turnover greater than R1 billion; are listed on the Johannesburg Stock Exchange; financial services with a turnover greater than R500 million; mining companies with turnover greater than R500 million, all entities or groups of companies with a combined total assets value greater than R100 million, as well as multinational companies. Ultra High Net-Worth Individuals whose total assets are in excess of R75 Million. Entities who fulfil one of these criteria are registered with the SARS Large Business Centre.
