The African Tax Administration Forum (ATAF) held the ATAF Consultative Conference on New Rules of the Global Tax Agenda which were attended by 29 African countries in an attempt to get discussions flowing on how to prevent Base Erosion and Profit Shifting in African countries.
BEPS is not a new concept and has been present for many decades. The interest in this topic has, however, increased remarkably as a result of the financial crisis which caused governments to attempt to increase their revenue streams by preventing economic profits from leaving the country whose resources were depleted.
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.