iAfrica 16 seconds ago 3 min read
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In line with its pledge earlier this year to increase its focus on wealthy individuals and offshore holdings, the South African Revenue Service (SARS) has started contacting South African taxpayers with financial accounts abroad to request information. The aim is to see how much has been disclosed in prior tax returns and to assess any underpayments.
SARS’ newfound reach is thanks to the Common Reporting Standard (CRS), which sees 87 countries around the world sharing the account information of the world’s taxpayers. The CRS was born out of the American initiative, the Foreign Account Tax Compliance Act (FATCA), essentially widening the scope internationally. CRS aims to collect information on the member states citizens’ offshore assets, and has been adopted by many countries as a method to supplement their fi
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We save and invest in the hope of providing a better life for ourselves and our loved ones. But death is inevitable. So what happens to our mutual fund (MF) units when we die?
Transmission of MF units is a process whereby units held in the name of deceased unit-holder are transferred either to the surviving unit-holders or to the nominee or to the legal heirs.
MF Asset Management Companies (AMC) have a common procedure for transmission of units, however, there might be a slight variation in formats or documents required across AMCs, but broadly the process is the same.
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There is a growing and widely held belief that multinational
companies, particularly US tech companies, are not paying their
fair share of tax.
Amazon, for example, pays little or no tax in the UK despite
selling lots of goods to UK persons. How can this be right? The
answer is because Amazon has no taxable base in the UK and the tax
treaties signed by the UK mean Amazon doesn t have to pay tax
in the UK.
Amazon relies upon the internationally-agreed principle that
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CAPEX.com Embraces Top-tier Regulatory Reporting Framework, Strengthens Its Best Execution Policies
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Global fintech brokerage, CAPEX.com, is working closely with MAP FinTech, a leading and award-winning regulatory technology provider for the financial services industry, to ensure clients very best safety standards while making trading safer and more reliable. NICOSIA, Cyprus (PRWEB) May 04, 2021 MAP FinTech is a member of MAP S.Platis Group, a leading financial services consultancy group in the region that maintains one of the largest and most experienced teams of financial services compliance experts in the EU.
Supporting a robust regulatory environment, CAPEX.com benefits from MAP FinTech’s innovative and comprehensive regulatory reporting solutions, including but not limited to: