S.Africa boasts tax compliant status - CNBC Africa

S.Africa boasts tax compliant status

Southern Africa

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South Africa is one of the 18 countries that comply with global tax exchange and transparency standards. PHOTO: Getty Images

This is according to the Global Forum on Transparency and Exchange of Information for Tax Purposes, which assembled in Jakarta, Indonesia last 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 South African finance minister Pravin Gordhan.

South Africa’s tax compliance standards matched the likes of Australia, Belgium, Canada, China, Denmark, Finland, France, Iceland, India, Ireland, Isle of Man, Japan, Korea, New Zealand, Norway, Spain and Sweden.

The exchange of tax information refers to a situation where one tax authority seeks information from its counterpart about the tax affairs of a taxpayer.

Compliance with the standards means that a country has the relevant information, that the information is accessible and that the information can be exchanged.

“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,” said Gordhan. 

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