South Africa and the UK have agreed to work together to tackle offshore tax evasion, including through pressing for stronger international action.
South Africa will join the pilot scheme for the automatic exchange of tax information launched by the United Kingdom, along with France, Germany, Italy and Spain.
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This effort has received growing support worldwide, indicating the growing number of jurisdictions committed to quickly implementing the new standard in the automatic exchange of tax information being developed by the OECD.
As part of the move, the UK and South Africa have committed to a long-term partnership to support the tax capacity building of revenue authorities in the region.
Greater tax transparency and exchange of information will provide a step change in our ability to expose hidden assets and ensure the correct payment of tax and will benefit both developed and developing countries.
The G20 has committed to provide technical assistance to developing countries to ensure they can benefit from greater tax transparency.
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By GlobalDataPravin Gordhan South African Finance Minister said: "The automatic exchange of tax information will contribute to the establishment of a more effective, efficient and fair international tax system. As more countries join this movement, it will ultimately benefit poor countries who are often the victims of organized efforts to undermine their tax bases.
"South Africa has been working with more than 28 fellow African nations through the African Tax Administration Forum (ATAF) to improve the efficacy of their tax legislation and administrations," Gordhan added.
