Banks, SARS sign tax avoidance deal.

Byline: Ren'e Bonorchis and Sanchia Temkin

Banks, SARS sign tax avoidance deal Renee Bonorchis and Sanchia Temkin IN WHAT was described as one of the few such accords in the world, the South African Banking Association and the South African Revenue Service (SARS) yesterday formalised a relationship to promote better tax compliance among banks and their clients, while pushing SARS for better service. The deal has been almost eight years in the making. It was in the 2001 budget speech that Finance Minister Trevor Manuel first raised his concerns about the low effective tax rate paid by the banking industry. Speaking in Johannesburg yesterday, SARS commissioner Pravin …