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The South African Revenue Service (Sars) has discovered R400 billion in offshore holdings owned by South Africans and is on the rampage to collect all taxes that it is owed on these assets.
This means that South Africans who are currently working abroad need to particularly take note and ensure that they are compliant with all of Sarsâs tax requirements. Sars has also become more stringent in terms of collecting taxes from wealthy South Africans, who are trying their level best to avoid their local tax obligations.
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Introduction
The introduction of the US Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) has established a new standard for the automatic exchange of information (AEOI) in tax matters and led to a high level of tax transparency. These two complex and comprehensive instruments are an effective way to combat tax evasion on a global basis.
Due to the recent increase in the use of innovative financial products, the Organisation for Economic Cooperation and Development (OECD) announced that the CRS will be expanded in 2021 to cover cryptoassets and virtual currencies. However, until there is formal guidance in this regard, the question remains as to whether and to what extent FATCA and the CRS apply to cryptoassets and virtual currencies and Swiss companies that develop, use, exchange or invest in such digital assets.
Tax recoveries remain at $30m
Tax ombudsman suspects corrupt practices behind low offshore recoveries
ISLAMABAD:
The government could recover a meagre $30 million (Rs4.6 billion) out of cases of billions of dollars referred by the Organisation for Economic Cooperation and Development (OECD), prompting a state institution to launch probe into complaint of malpractices.
Average tax recovery in 1,150 cases by three zones was just Rs4 million or $25,800 per case owing to poor performance of the Karachi Zone of the Federal Board of Revenue (FBR), according to official documents seen by The Express Tribune. The official record shows that progress on thousands of offshore tax evasion cases was painstakingly slow despite Prime Minister Imran Khan’s declaration that the recovery of stolen and tax-evaded offshore money was his high priority.
He replaces Peter Kenny, chief executive of Quilter International
Neil Chadwick has been appointed chairman of the Manx Insurance Association (MIA).
He will hold the role for two years and takes over from Quilter International chief executive Peter Kenny, who assumed the role in 2019.
Chadwick is head of technical services for International Financial Group Limited (IFGL); which owns RL360, RL360 Services, Friends Provident International and Ardan International.
Commenting on his appointment, Chadwick said: “I’m looking forward to representing the insurance sector and working with the Isle of Man Government and other sectors to promote the Isle of Man as a leading financial services jurisdiction.”