South Africa Budget of 2019 proposes that the OECD’s model mandatory disclosure rules be implemented in South Africa. This is because of a growing interest in offshore structures and arrangements designed to circumvent financial account reporting under the OECD’s Common Reporting Standard. The disclosure rules aim to identify and counter such structures and arrangements. The disclosure rules will impose similar penalties to those currently in force for non-compliance with the reportable arrangement legislation in the Tax Administration Act.
South Africa Budget 2019 – Mandatory Disclosure Rules
