South Africa extends scope of transactions reporting
April 17, 2008
New amendment gives SARS much wider authority on disclosure
New legislation has come into force in South Africa which extends the type of tax transactions which must be reported to the South African Revenue Service (SARS) (pictured). An amendment to the 1962 Income Tax Act requires international companies to give details – for tax purposes – of a larger group of transactions. This is most significant where the tax benefit is changed materially by fees, interest or earnings.
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