On 15 July, the OECD Council approved the latest update to the OECD Model Tax Convention. The update was initially approved by the Committee on Fiscal Affairs on 26 June and it will be incorporated in a revised version of the Model Tax Convention expected to be published in the upcoming months.
This recent update highlights the work conducted on the Model Tax Convention over the course of 2010 and 2013. The changes to the 'exchange of information' clause Article 26 and its commentary as approved by the OECD Council are also included. Moreover, the update includes the final version of a number of important drafts, including:
The application of Article 17 (Artists and Sportsmen) of the OECD Model Tax Convention (23 April 2010);
Revised proposals concerning the meaning of "beneficial owner" (19 October 2012);
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.