Global

Details

  • Service: Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 10/16/2013

South Africa - Enhanced tax transparency, automatic exchange of information 

October 16: The South African Ministry of Finance on 12 October 2013 announced that South Africa will work with the UK to address offshore tax evasion, and that South Africa will join the pilot program for automatic exchange of tax information launched by the UK, along with France, Germany, Italy, and Spain.

In joining this initiative, South Africa joins the growing number of jurisdictions committed to implementing a new standard for the automatic exchange of tax information being developed by the OECD.


As noted in a South African government release [PDF 30 KB], the G20 has committed to provide technical assistance to developing countries so that they benefit from greater tax transparency, given the importance taxation plays in governance and state-building. As part of this, the United Kingdom and South Africa have committed to a long-term partnership to support the tax capacity building of revenue authorities in the region.


Read an October 2013 report prepared by the KPMG member firm in South Africa: South Africa tightens up on offshore tax evasion




©2013 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.


The KPMG logo and name are trademarks of KPMG International.


KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.


The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.


Direct comments, including requests for subscriptions, to us-kpmgwnt@kpmg.com.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.

 

Share this

Share this

Subscribe

Subscribe to receive the latest TaxNewsFlash email alerts (you must select the option for TaxNewsFlash)


Already a Subscriber? Login


Not a member? Subscribe now