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Regulations to Curb Tax Base Erosion on the Cards

Friday, 19 July 2013   (0 Comments)
Posted by: Author: Ingé Lamprecht
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Author: Inge Lambrecht (MoneywebTax)

Debate on tax morality also affects SA.

The concept of tax base erosion is already finding its way into amendment bills of local tax law.

In simple terms, base erosion and profit shifting (BEPS) refers not only to illegal tax planning practices but also to practices that exploit ambiguities in international tax regulations to limit tax on profits. Even where the practice is not illegal, many perceive it to be immoral.

The issue has been in the spotlight internationally with companies like Apple, Google and Starbucks all coming under fire for "not paying their fair share of taxes".

The Organisation for Economic Co-operation and Development (OECD) published a report on the issue in February this year and called for the development of a comprehensive action plan to address the matter. Industry experts argue that BEPS is mainly the result of international tax law not keeping up with the globalisation of business.

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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.

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