In a statement issued on 12 October 2013, the South African Ministry of Finance announced that South Africa will work closer with the UK to tackle offshore tax evasion, and that South Africa will join the pilot scheme for automatic exchange of tax information launched by the UK, along with France, Germany, Italy and Spain.
This initiative has received growing support worldwide, demonstrating the growing number of jurisdictions committed to quickly implementing the new standard in the automatic exchange of tax information being developed by the OECD.
Greater automatic information exchange will provide a step change in the Ministry of Finance's ability to expose hidden assets and ensure the correct payment of tax.
Read the full statement by the Ministry of Finance at www.treasury.gov.za (PDF 32KB)
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.