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Clients will ‘embrace having their assets protected’ in the country opposed to other ‘offshore centres’
On 10 February 2020, the UAE Ministry of Finance (MOF) unveiled its trusts law, announcing that it will help increase the “competitiveness” and “attractiveness” of the country’s financial services sector.
Decree-Law No (19) of 2020 offers individuals the right to transfer assets, as a financial covenant, to a trustee to manage and grow.
The law applies to onshore trusts and does not include the free zones, which may have their own regulation.
It permits qualified advisers and firms to set up a trust and manage the assets, which can be both movable or fixed.
It ‘mirrors similar initiatives in US and a number of European territories’
The South African Revenue Service (Sars) has unveiled a high wealth individual taxpayer segment.
This came during the finance minister Tito Mboweni’s budget speech on 24 February 2021.
It will focus on wealthy taxpayers with complex financial arrangements.
The unit will initially be co-located within the large business and international taxpayer segment.
Sars said that it will be assessing wealth “derived from multiple sources” and these individuals “employ complex, and often offshore, financial arrangements”.
The first group of taxpayers have been identified and will receive a letter during April.
HNWs already ‘fed up’ with current taxation system and ‘leaving the country in droves’
As countries start to edge out of lockdown, government borrowing and stimulus are set to end and the economic toll caused by the pandemic will come home to roost.
Countries across the world will have to start paying off the massive debt they have accumulated over the past year – but, with the financial turmoil it experienced prior to covid-19, it could be a long road ahead for South Africa.
Local media reports in January said that the South Africa Treasury is, unsurprisingly, considering tax hikes to fund vaccines, with widening the budget deficit and reprioritising government spending among other options.