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Individual Tax Consultant Randburg

Gordhan says SA complies with global tax standards

29 Nov 2013

South Africa is one of 18 countries that comply with the global standards on the transparency for exchange of tax information, according to Finance Minister Pravin Gordhan

Pravin Gordhan says SA is one of just 18 countries that is fully compliant with international tax standards. Image: GCIS

The Global Forum on Transparency and Exchange of Information for Tax Purposes made the announcement at a meeting in Indonesia this week.

"South Africa's ranking as one of the 18 countries that comply with the implementation of internationally agreed standards of transparency and exchange of information on individual and corporate taxpayers is further testimony to the excellence of some of the institutions of our democracy," said Gordhan.

"The exchange of information will contribute to the reduction of opportunities for tax evasion and therefore contribute to the creation of an international tax system that is more effective, efficient and fair," he added.

Exchange of tax information on request is when a tax authority seeks information from a counterpart about the financial and tax affairs of a taxpayer.

The finance ministry said that full compliance meant that South Africa had the relevant information, the information was accessible and could be exchanged.

Source: I-Net Bridge

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