The Treasury Department added 19 nations to its list of countries that have reached agreements with the U.S. on carrying out a far-reaching law aimed at preventing offshore tax dodging by American citizens. The Treasury and the Internal Revenue Service said the 19 nations – including Australia, Brazil, South Africa… – Continue reading
THE challenges developing countries face from tax avoidance and tax evasion are not new, yet developed countries have suddenly woken up to these challenges, mainly due to the global financial crisis. They call it base erosion and profit shifting, or Beps. The Organisation for Economic Co-operation and Development has over… – Continue reading
NAIROBI (Xinhua) — The Kenyan government on Monday signed an agreement with the Seychelles to phase out double taxation on companies from the two countries. Kenya’s Cabinet Secretary for Treasury Henry Rotich said the elimination of double taxation will promote flow of investments, trade and labor between the two countries. “ Kenya has… – Continue reading
STUDIES show multinationals shift profits of $365bn a year from developing to developed countries through transfer pricing mechanisms, the South African Revenue Service (SARS) said on Tuesday. Over three years South Africa has seen “hundreds of billions of rand” leaving in royalties, management and service fees and intellectual property payments,… – Continue reading
A resident is defined in section 1 of the Income Tax Act No. 58 of 1962 (“the Act”). The definition includes a place of effective management test as one of the tests to determine the residence of a company. In terms of the definition a company that has its place of effective… – Continue reading
The quest of African countries to carry out economic stability and transformation is threatened by illicit financial outflows through tax evasion and avoidance, a UN expert observed here on Thursday. He said the draining of tax revenues and scarce foreign exchange resources stifled growth and socio-economic development and weakened governance…. – Continue reading
Despite National Treasury’s silence on proposed changes to trust legislation in Wednesday’s Budget, a review is still firmly on the agenda, tax experts say. Fatal Limpopo blast caught on camera Related Stories ANC will not reveal its election budget 4.3.2014 Should you still invest in listed property unit trusts? 1.3.2014… – Continue reading
The days of multinational companies being able to use the Double Irish Dutch Sandwich to avoid taxation may soon be coming to an end, with the G20 group of nations looking to create a reporting standard to allow for automatic exchange of tax information. In the official communique coming at the end… – Continue reading
You may soon be able to invest in a wider range of foreign-domiciled unit trust funds that have been approved by the local regulator, but, in the short term, there may be fewer options if you want to gain exposure to offshore markets by investing in funds that are denominated… – Continue reading
SOUTH Africans who have in recent years bought holiday pads in Mauritius, typically with price tags exceeding R10m, have been handsomely rewarded on the capital growth front. While most of the world’s housing markets are still recovering from the credit crisis-induced property slump, average prices in integrated resort scheme developments… – Continue reading
