Tax Consulting SA reveals what the South African Revenue Service is up to rea
Tax Consulting SA says that no matter how much money a South African taxpayer transfers offshore, the South African Revenue Service will have information on the process.
Financial institutions subject to these reporting requirements include banks and trust companies. Every year, the institution must prepare an annual investment report for each South African taxpayer, which is then shared with that country’s tax authority, which then sends it on to SARS. Both Britz and Kaufmann said that a loop structure refers to a situation whereby a South African resident invests in an offshore structure, which in turn invests in South African assets.
“The effectiveness of CRS, means the government will not stop the outflow of capital from South Africa, but the tax man will be ever-present.”
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