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Filter: Reporting
Three’s a crowd? SARS, Trusts and Beneficial Ownership

22 April 2024,  Dr Candice Reynders, Elani Volschenk

The General Laws Amendment Act 22 of 2022 (“Amendment Act”) promulgated as part of legislative framework changes by South Africa... to curb money laundering, has introduced key changes to the trust environment, requiring extensive beneficial ownership and other reporting by trusts. SARS is also aligning its tax and data collection imperative with these changes by requiring similar reporting as part of trust tax submissions. In this article, we review the impact of these changes on trusts.

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Tax collection efficiency trumps wealth taxes in the short-term

22 April 2024,  Tanya Strauss

Speculation surrounding the introduction of formal wealth taxes in South Africa has subsided for the time being. The South African... Revenue Service (SARS) appears to have reconciled itself to the recommendations outlined in the "Feasibility of a Wealth Tax in South Africa" Report by the Davis Committee, which underscores deficiencies in wealth information and tax collection as requiring attention and not necessarily additional ‘wealth taxes’ in the short term. SARS's intensified focus on collecting clearly indicates its intentions to address this information and tax compliance gap.

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Article
Is a global corporate minimum tax the death knell for offshore structuring?

22 April 2024,  André van Niekerk, Francois Fouché

Despite uncertainties surrounding global tax reforms, no additional restrictions on exchange control have been proposed in South Africa during the... 2024 National Budget speech. However, amidst this positive news, concerns linger among taxpayers regarding the introduction of a new effective minimum tax rate of 15% on multinational corporations, sparking questions about its impact on offshore structuring and international estate planning structures, as well as the continuing effectiveness of low tax jurisdictions also known as financial centres. This article delves into the implications of these developments specifically offshore structuring and estate planning strategies.

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2024 National Budget tax proposals? Uneventful… or are sharks lurking…?

22 April 2024,  André van Niekerk, Francois Fouché

The 2024 National Budget did not provide any major tax surprises, but key observations reveal subtle strategies by SARS to... increase revenue. While the budget seemed rather vanilla, it is vital to recognise the hidden strategies and measures that can impact taxpayers' liabilities. In this article, we look at these strategies and measures.

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The ‘what’ and ‘when’ of the new beneficial ownership reporting for companies

10 May 2023,  Dr Candice Reynders, Luhann Prinsloo

Surprisingly, many companies remain blissfully unaware of the new company reporting requirements introduced by the General Laws (Anti-Money Laundering and... Combatting Terrorism Financing) Amendment Act 22 of 2022 (“Amendment Act”). The Amendment Act introduces changes to the company environment (effective 1 April 2023) which will have an administrative impact on South African companies. In this article we delve into the ‘what’ and ‘when’ of these new reporting requirements.

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