The draft Taxation Laws Amendment Bill addresses a critical anomaly in trust anti-avoidance legislation. By narrowing the transfer pricing exemption, the Bill ensures that only the correct portion of cross-border trust loans escapes double taxation.
The FATF did not discuss removing SA from the grey list but focused on the progress the country has made in addressing the 22 Action Items.
The annual benefit escalations for policies that fall under the Demarcation Regulations.
The expected legal challenges to the legislation and the pressure on the state’s finances could delay full implementation of the system for many years.
Once the draft amendments to the Money Laundering and Terrorist Financing Control Regulations are enacted, failure to submit the required Cash Conveyance Report could lead to imprisonment for up to 15 years or fines of up to R100 million.
An application clause will provide for the Pension Funds Act to prevail over the Divorce Act where the Acts’ provisions conflict.
SARS’s discretion to write off temporarily an amount of tax debt while a company is subject to business rescue will be reviewed.
The absence of a successful prosecution of anyone named in the Zondo report is a big concern, Business Times reports.
The Association for Savings and Investment SA and the Institute of Retirement Funds Africa also call for amendments not related to the two-pot system to be held over.
The National Financial Ombud’s jurisdiction will be expanded in phases to include the activities of all regulated financial institutions.
There is a high degree of consensus over the reform recommendations put forward by the World Bank Group, says Treasury.
And the requirement to accept oral complaints applies to financial institutions, not only ombuds.
South Africa’s core fiscal challenge is to get the gap between economic growth and the cost of borrowing back into positive territory.
SA has staggered deadlines by when it must address the 17 outstanding items on the global body’s 22-item Action Plan, to get off the grey list.
The Draft Global Minimum Tax Bill aims to enforce a 15% multinational top-up tax on multinational enterprise groups, aligning with global efforts to implement a comprehensive system of minimum taxation.
Moonstone speaks to Ninety One’s Sangeeth Sewnath about the extent to which greylisting is affecting the economy, the markets, and investors.
The context to Treasury’s concern is where the arm’s length interest rate is lower than the official rate of interest.
