The Organisation for Economic Co-operation and Development (OECD) has just launched an Action Plan to plug gaps in international tax regulations that are exploited by multinationals to reduce taxes.
The plan identifies 15 specific actions "that will give governments the domestic and international instruments to prevent corporations from paying little or no taxes".
The OECD's Action Plan on Base Erosion and Profit Shifting (BEPS) was compiled at the request of the G20. BEPS has been the subject of a heated debate during the last few months and several well-known international companies like Apple, Google and Starbucks, have been accused of not paying their "fair share" of taxes.
Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.