DEBORAH TICKLE: Checking where you stand is critical
SA has been on board with the initiative from the start and has assisted with developing the plan
Finance Minister Gordhan confirmed in his budget speech on Wednesday that SA would this year sign the multilateral instrument prepared in conjunction with the Organisation for Economic Co-operation and Development (OECD) and designed to curb base erosion and profit shifting. In October 2015, the OECD issued its final 15 actions as part of its plan designed to assist governments to curb the ability of corporate taxpayers to move profits out of the countries where they should be subjected to tax and to ensure tax is paid where it rightly should be. SA has been on board with the initiative from the start and has assisted with developing the plan. Consequently, SA is already adopting new rules to ensure companies transact with their connected groups on the same basis as third parties would do.
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