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New global minimum tax welcomed in Africa but curbing illicit flows, broadening tax base much more important

20 October 2021 | Tax

Africa will likely benefit from the OECD driven, new global tax agreement signed earlier this month by nearly all of the world's countries that would set a minimum corporate tax rate of 15% across the board on global profits.

Pandora Papers – Nowhere to hide? Some considerations for SA residents

19 October 2021 | Tax

In the past week, 11.9 million financial records known as the Pandora Papers were leaked, revealing the offshore financial assets of many internationally well-known persons. One of the questions raised pursuant to the leak is whether the investments made by these persons are legal from a tax perspective.

Tax Ombud celebrates 8 years of fairness by intensifying taxpayer rights awareness

01 October 2021 | Tax

The Office of the Tax Ombud’s (OTO) eighth anniversary celebration today, 1 October, coincides with the launch of its 2021 educational campaign to intensify awareness about taxpayer rights and promote tax compliance during the current tax season of the South African Revenue Service (SARS).

The tumultuous rand and financial emigration

20 September 2021 | Tax

In the past 24 months the South African rand has traded as low as R19.26 to the dollar, and as high as R13.42, confirming its status as one of the most volatile emerging market currencies. Financial advice professionals need to keep a close eye on foreign exchange ‘crosses’ and trends, because the financial transactions they advise clients on frequently result in large capital sums going offshore. According to Tim Powell, Director of Forex at Sable International, the rand faces three short-term risks: domestic uncertainty, the threat of inflation out of the United States and the possibility of the country losing its emerging market status. He was presenting on the outlook for the domestic currency at the 2021 Sovereign Trust International Retirement Seminar.

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