Budget 2021

Exchange controls to get brush-over in budget

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Johannesburg – Exchange controls have been effective in helping to prevent tax evasion, however it is unlikely Finance Minister Pravin Gordhan will announce plans to strengthen or relax these regulations at the National Budget, say analysts.

Justin Liebenberg, international tax leader at EY, explained to Fin24 in an emailed response that one of the ways to evade tax involves transferring funds outside South Africa to low or no-tax jurisdictions.  

If tax authorities, like South African Revenue Services (SARS) are unaware of these transfers then tax revenue cannot be collected from them.

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