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SA to host global tax forum

Nov 10 2011 10:55 Sapa

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Cape Town - South Africa will host the 2012/13 Global Forum on Transparency and Exchange of Information for Tax Purposes annual meeting, government spokesperson Jimmy Manyi said on Thursday.

This had been approved by the cabinet at its regular Wednesday fortnightly meeting, he told a media briefing at parliament.

It formed part of the fight against corruption, money laundering and aggressive structuring.

"This is also aimed to ensure that this whole thing about tax havens and all of that comes to an end - people opening all kinds of accounts everywhere else in the world.

"This is meant to deal with that kind of tax evasion tactic that sometimes is visited upon us," Manyi said.

Hosting the meeting holds many benefits for South Africa.

Among other things, it provides South Africa with an opportunity to underscore the importance of tax compliance in support of economic and social development.

South Africa and its counterparts would have an opportunity to initial or sign tax information exchange agreements that had been negotiated, but not yet signed.

Signing these agreements would allow for sharing information for tax purposes and would counter tax-avoidance activities, Manyi said.

With the exception of Africa, every geographic region in the world had had the opportunity to host an annual meeting of the forum.

"South Africa will become the first African country to host a meeting of the global forum."

Hosting the meeting could lead to the establishment of greater networks for exchanging tax information between African countries and their international partners, he said.

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