... depends on a number of factors. One of these is the perceived equity of the tax system and the knowledge that everyone is paying their fair share.
Sars recently released its inaugural Compliance Programme which will focus on seven key areas of higher risk and generally lower compliance - we dealt with these with the committee last week. The first is the construction industry which has been reported as the least compliant industry, and yet it benefits a great deal from state-state business. Then there are transfer pricing by large businesses; the abuse of trusts by wealthy individuals; illicit goods, particularly cigarettes; undervaluation of imports in the clothing and textile industry - the commissioner did share some examples with the committee when we were with the committee last week; and tax practitioners and intermediaries.
Sars, in collaboration with other government departments, will also focus on the registration for tax purposes of foreign-owned small and micro businesses. This is part of the effort to grow our tax base and ensure fairness in the tax system. After piloting the system, Sars, the Department of Home Affairs, the SA Police Service and the Department of Trade and Industry are rolling out the registration system nationally.
Chair, as you have allowed us to display the machinery, let me say we have brought to this House a mobile unit which uses a specially designed registration kit to capture the relevant details of the business. Can we perhaps display that if members have it? There it is, ladies and gentlemen. This includes personal and biometric details of the owner, such as fingerprints, if necessary, along with GPS coordinates of the location of the business. The mobile unit has been warmly welcomed by all businesses as one of those that will enable people to comply in a user-friendly manner.
May I also remind Members of Parliament that within the precincts of Parliament we have the efficient and professional tax service of the Sars parliamentary unit? I can assure you that these Sars officials will give you the best advice and assistance to complete your annual tax returns. I am told that this is going to be enhanced and automated as we go forward. We will even provide more assistance. This service is available to all Members of Parliament free of charge. Hon members should not go around paying for services that are going to charge them money but still not help them to be compliant. [Applause.]
A second factor in protecting the culture of compliance and the integrity of Sars is administering and enforcing tax and customs laws fairly and without favour. We cannot allow the public to lose out in this area.
I also mentioned the Government Pensions Administration Agency which came before Parliament today. The mandate of GPAA is to make sure that the service we give assists in the administration of pensions for both active and retired members. Working with Sars, GPAA has also automated its service and gives service that we will all be proud of.
I have also mentioned the Public Investment Corporation. Not only did PIC celebrate its centenary last year, but it also celebrated the increase in assets under management to more than R1 trillion. The audited figure, as at 31 March 2012, was R1,17 trillion. But it is not the zeros that matter; it is rather what the PIC does with the money entrusted to it. With the backing of its major client, the GEPF, the PIC is a prominent voice in improving corporate governance practices in its investee companies.
Members are also familiar with the Financial Intelligence Centre, FIC. Members can take it from the speech.
I'm proud to stand here and present the Budget Vote of the National Treasury and its entire family. Thank you very much, Chairperson and hon members. [Applause.]