South Africa clamps down on tax evaders

South African intermediaries with clients holding offshore money could not only be faced with criminal penalties under new income tax and money-laundering legislation, but also may suffer a loss of clients due to it. Two new pieces of legislation have been introduced that could potentially make life difficult for intermediaries. Under the Taxation Laws Amendment Act 2002, South African investors from the beginning of 2003 must declare all foreign-held assets ' or face tax or even criminal penalties. Subsequently, intermediaries may also face criminal penalties from the beginning of ...