Loading...
See More

SA signs multilateral tax evasion deal

Nov 03 2011 22:00
Reuters
Johannesburg - The government on Thursday said it signed an agreement with 12 other countries to combat cross-border tax evasion.

South Africa’s tax take is under pressure as the country’s economic recovery has not been as strong as anticipated. The finance ministry expects revenues to take up to four years to recover to its levels before the recession in 2009.
 
In a statement, the Treasury said it signed the Convention on Mutual Administrative Assistance at the Group of 20 meetings in France. The treaty would allow the country to share tax information with other countries.

“The benefit is that our country ... will automatically have the benefit of exchange of information, simultaneous tax examinations (audits) between revenue administrations of different countries,” it said.
 
South Africa’s revenue service has tightened tax collection, steadily raising the tax ratio to just below 30% of GDP just before the 2009 recession from 25% in the 2003/04 financial year.
 
Other signatories include Argentina, Australia, Brazil, Canada, China, Germany, India, Indonesia, Japan, Russia, Saudi Arabia, Turkey.
economic recovery  |  tax evasion

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Scenario planner Clem Sunter says he is as passionate about economic freedom as Julius Malema, but his bet is on entrepreneurs to open up the whole economy.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Introducing tablets in schools is:

Previous results · Suggest a vote

Loading...