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Tax Radar is a tax insurance policy aimed at businesses, high net worth individuals and professionals. In a nutshell, the taxpayer purchases legal defence and accounting cover for a relatively inexpensive premium which enables them to engage top tax professionals to act on their behalf should the need arise.

For example, in the event that a taxpayer is audited, they may face additional assessments and or penalties and may find themselves in a position that they have to hire tax experts and professional assistance to liaise with or to defend them against SARS.

These costs are incurred whether they are proven 'guilty' or not. In addition, new legislation such as the Consumer Protection Act, Tax Administration Bill and the Companies Act equips the authorities with draconian powers and at the same time, places additional responsibility on the taxpayer.

For additional information, refer to www.tax-radar.com

Source: Tax Radar

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