International structuring – The impact of the Davis Tax Committee’s proposals on foreign trusts

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“International structuring – The impact of the Davis Tax Committee’s proposals on foreign trusts

For ease of reference below is a high-level summary of the comments made by the Davis Tax Committee (DTC) pertaining to foreign trusts:

‘…there remain an unknown number of South African resident donors and beneficiaries associated with offshore trusts who remain in breach of sections 7(8) and 25B.’
‘SARS has now implemented a permanent mechanism for all taxpayers to amend their taxation declarations through the Voluntary Disclosure Programme (VDP)’… ‘Thus the DTC is of the view that there is no need to consider a further offshore amnesty programme.’ “

Please click here to read the full article – Courtesy of Nedbank Private Wealth