SA complies with global standards on tax – Gordhan

Pravin Gordhan. Picture: GCIS

Pravin Gordhan. Picture: GCIS

South Africa is one of 18 countries that comply with the global standards on the transparency for exchange of tax information, the finance ministry said on Wednesday.

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

South Africa complied with global standards on the transparency and exchange on request of information about individual and corporate taxpayers, it said.

“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 Finance Minister Pravin 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.”

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.

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





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