It aims to realise the Foreign Account Tax Compliance Act, a US federal law that aims to combat offshore tax evasion by encouraging transparency and obtaining information on accounts held by US citizens in other countries.

“South Africa is committed to automatic exchange of information for tax purposes and to make the world a more transparent place from a tax perspective,” Nene said. “This commitment has been expressed through South Africa’s role in both the G20 and the Global Forum on Transparency and Exchange of Information for Tax Purposes.”

Available: http://www.southafrica.info/news/international/tax-100614.htm#.U5qJtna3kvE