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Cape Town - South Africans will no longer be able to hide funds in six of the world's so-called tax haven states after the South African Revenue Service struck information sharing deals with these countries.
As part of a global push to clamp down on tax havens, Sars has signed a watershed agreement with Guernsey, Cayman Islands, Bermuda, Jersey, the Bahamas and San Marino which will force these countries to hand over any information Sars requires.
All Sars has to do is ask and, according to the agreements, information "shall" be provided for relevant determinations, investigations and enforcement.
The Exchange of Information Relating to Tax Matters agreement also rules out the possibility of the required information being refused because the conduct being investigated is not a crime in the so-called tax haven.
On Wednesday, Sars said it has "five or six" more agreements in the pipeline.
"This is not the end. This is the first step. The veil has been lifted on people who have been putting their money into these jurisdictions all over the world knowing that no-one would find out about them," said Sars' Ron Van der Merwe who appeared before parliament's finance portfolio committee.
Thaba Mufamadi, chairperson of parliament's finance portfolio committee, said: "This is a great step forward. It will help ensure that those with wealth invest it where they live."
- Fin24.com