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.