Tax Risk – Why You Need This Cover!

SARS has indicated that it will be selecting 12% of the tax base for auditing this year! Will you be on their hit list? Are you prepared for a tax audit? SARS will not only be targeting tax defaulters for auditing, but also the honest taxpayer! Even if you believe that your taxes are up to date and accurate, SARS can still select you for audit.

There is a global trend among revenue collection authorities to make the collection of tax from the existing tax base a more efficient and stringent process. In other words, clamp down on irregularities and tax loopholes in order to boost the collection success.

New legislation introduced in 2012 has given SARS more legislative muscle in order to achieve this objective! This can have serious consequences for taxpayers. Do you have the financial means and time to take on the financial giant that is SARS?

It is with the above in mind that a tax risk insurance product has been developed, to protect taxpayers against the risks associated with an audit from SARS.

Tax Risk products are geared to give you the power to fight back! The products are administered by Tax Risk Underwriting Managers’ and underwritten by The Hollard Insurance Company Limited. Hollard is South Africa’s largest privately owned insurance company.

WHAT AM I COVERED FOR?

Taking out a Tax Risk policy will give you the following benefits.

  • If you are selected for a SARS tax audit, we will appoint and pay for a team of tax professionals who will defend you.
  • This may include Accountants, Tax Attorneys, Auditors, Tax Specialists and other Tax Advisors as may be required to ensure a fair audit outcome. If you already have an accountant, he/she will become a central part of the team.

We will provide cover in the following matters:

  • Income tax audits
  • VAT
  • Employees tax audits
  • Capital gains tax audits
  • Dispute resolution hearings and appeals to the Tax Board and the Tax Court

Tax Risk has products for both individuals and businesses. Can you afford not to be covered?