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‘Tax havens will chase out non-compliant taxpayers’

Tuesday, 04 August 2015   (0 Comments)
Posted by: Author: Ingé Lamprecht
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Author: Ingé Lamprecht (Moneyweb)

As global efforts to close loopholes intensify.

South Africans with unauthorised funds abroad better get their affairs in order because tighter regulation in tax havens will soon become a reality, a tax expert has warned.

Speaking at a recent seminar hosted by The Wealth Corporation, Tony Davey, director at boutique consulting firm Tony Davey and Associates, said South Africans with offshore funds (foreign inheritances, foreign earnings pre-1998 or "schlep” funds like unspent travel allowances) that weren’t externalised in line with the R10 million offshore investment allowance or R1 million foreign discretionary allowance permitted by the South African Reserve Bank (Sarb) may soon bear the brunt of closer scrutiny.

Davey said tax havens like Guernsey, Isle of Man, Switzerland and Lichtenstein have tightened their laws and by the end of 2016 and 2017 these countries will ensure all their clients are compliant with the tax regulations of their home country of residence.

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