National Treasury has highlighted how crucial the proposed BO regulations are for ensuring transparency and accountability in all financial transactions. This will allow an inter-organisational determination of tax liability, whilst preventing tax evasion, as the benefitting individual will be more easily identifiable.
The international cooperation facilitated through BO, together with furthering the agenda of tax-related information sharing between jurisdictions, serves to bring the compliance net that SARS has already cast to a close.
Be it with SARS, FIC, the Master, or the Reserve Bank, the party bearing the onus of compliance is ultimately you, the taxpayer. Where uncertain of your, or your company’s compliance status, it is prudent to approach an astute corporate and tax attorney to run a diagnostic on both your CIPC and SARS affairs, before the organisations do it themselves!
Not only does this ensure legal professional privilege on all disclosures, but also being specialists in their own right, guarantees the execution of the correct remedial measures, whilst upholding the first mover advantage you gain from being proactive.