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Johannesburg - Millionaire businessman Dave King says people must co-operate with the SA Revenue Service, after he agreed to pay R706.7m to settle his tax debt.
King entered into a plea and sentencing agreement with the National Prosecuting Authority after appearing in the Palmridge Regional Court.
He agreed to a payment of R706.7m to Sars in respect of his personal income tax and the tax liability of Ben Nevis, a King trust company managed out of Guernsey.
King had to pay a fine totalling R3.208m (R80 000 per count) or face two years in jail.
The settlement was reached following submissions made to Sars by King and entities associated with him.
King said his experience should serve as an example to taxpayers who found themselves in a similar position with Sars.
"Rather seek early resolution and co-operate with Sars when asked by them to explain your tax affairs," said King.
King said he regretted not engaging sooner.
"I have found them to be extremely firm but fair in their dealings with me once I fully engaged with them," he said.
The chief officer for tax and customs enforcement investigations at Sars, Gene Ravele, said the outcome demonstrated that Sars remained approachable to any taxpayer who wanted to resolve a tax dispute.
The Scottish-born was in the news again in June when he claimed R33m from Gary Player, for what King says was a loan of R6.1m made to the golf icon in July 1999 plus interest on the loan. This matter still has to be resolved.
- Sapa, Fin24
