“The Beneficial Owner” and Trusts
The Financial Action Task Force (FATF) was established in 1989 to coordinate an international effort to combat money laundering. The word “beneficial owner” is used by the Financial Action Task Force (FATF) to identify a “warm body” with financially benefits. The FATF requires disclosure of these “warm bodies” to relevant institutions. Beneficial ownership transparency is […]
Registrasie van trusts vir belasting en voordelige eienaars (“ultimate beneficial owner”) van trusts
Alle trusts moet voortaan as belastingbetalers geregistreer wees en belastingopgawes indien. Die registrasie van trusts op efiling is egter uitdagend. Die stelsel is in Februarie 2023 gewysig om voorsiening te maak vir die vaslegging van die voordelige eienaar (ultimate beneficial owner) se besonderhede om te voldoen aan die Financial Action Task Force (FATF – ‘n […]
Hoe trusts generasierykdom bewaar
Boedelbelastingbesparings word oor verskeie generasies saamgestel. Artikels oor trusts is dikwels gemik op setlaars of skenkers om die voordeel van trusts en die rol wat hulle speel in boedelbeplanning op die ‘eerste generasie’-vlak te beklemtoon. In hierdie artikel poog die skrywer om aan tweede generasie begunstigdes die effek van die besluite wat hul ouers namens […]
EMPLOYEE TRUSTS: HOW DISTRIBUTION WORKS
Binding Private Ruling 330 (“BPR330”) was issued on 3 October 2019 and relates to the tax implications arising from distributions of dividends and other amounts from an employee trust to beneficiaries on the termination of their employment. The taxpayer (a resident trust) was established for the benefit of the black permanent employees of Company A. […]
ADDITIONAL CHANGES TO INCOME TAX RETURNS FOR TRUSTS
The South African Revenue Service (“SARS”) implemented several changes to theI (the ITR12T) on 17 September 2018. These changes are in addition to the changes already made on 26 February 2018. The September 2018 changes apply in respect of the year of assessment ending on 28 February 2018. Taxpayers that already saved or submitted the […]
RENTEVRYE LENINGS EN TRUSTS
Die onlangse invoering van Afdeling 7C tot die Wet op Inkomstebelasting1 het die belasting van trusts, en spesifiek die befondsing daarvan, opnuut onder die soeklig geplaas. In kort, Afdeling 7C beoog die heffing van skenkingsbelasting op lenings verskuldig deur trusts aan verbonde partye (tipies die begunstigdes of maatskappye wat dit beheer). Tot die mate waartoe […]
FINALE EN VERWATERDE WETGEWING MET BETREKKING TOT LAERENTE-LENINGS EN TRUSTS
Die Nasionale Tesourie se hernude fokus op die belasting van trusts is alom verwag en dit was nie verrassend toe die eerste weergawe van die Draft Taxation Laws Amendment Bill, 2016, wat bedoel is om die nuwe artikel 7C van die Wet op Inkomstebelasting, 58 van 1962 te word, verlede jaar bekend gestel is nie. […]