The Minister of Finance, Pravin Gordhan’s 2016 budget speech reiterated South Africa’s unwavering commitment to combating tax evasion on a global level.
Gordhan gave a stern warning that “time is now running out for taxpayers who still have undisclosed assets abroad” and noted that international agreements on information sharing would soon “enable tax authorities to act more effectively against illicit flows and abusive practices by multinational corporations and wealthy individuals”.
Gordhan asserted his confidence in SARS’ ability to take advantage of the new “Common Reporting System” indicating that SARS would be building on the expertise it already gained by the Large Business Centre (established in 2004).
Read the full article detailing what exactly the Common Reporting Standard (“CRS”) is, how South Africa is impacted, and information on how CRS compares to FATCA.
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