Newly proposed changes to tax laws

SOUTH AFRICA – The National Treasury, in the Tax Administration Laws Amendment Bill tabled in parliament last week, said it would amend section 70 of the Tax Administration Act.

This means the SA Revenue Service (Sars) might soon be allowed to share taxpayer information with the Companies and Intellectual Property Commission (CIPC), the directorate for nonprofit organisations (NPOs) and the master of the high court to make it easier for authorities to curb money-laundering activities.