SARS identifies South Africans mentioned in #Panama_Papers | BDlive
▻http://www.bdlive.co.za/business/2016/05/25/sars-identifies-south-africans-mentioned-in-panama-papers
THE South African Revenue Service (SARS) has identified the names of 1,700 individual South African residents in the data released in the Panama Papers.
They range from shareholders and directors to beneficiaries.
In addition, 56 South African intermediaries had been identified, SARS group executive for product oversight, legal and policy, Vlok Symington, said in a presentation to a joint meeting of three parliamentary committees on Wednesday to discuss the Panama Papers.
SARS is now matching the identities of these individuals with the SARS database and testing the Panama data against the income tax declarations of the South African residents.
So far 79 of a total 560 offshore entities have been matched to 81 South African residents.
Springton said it was too early to predict the level of tax avoidance or evasion and cautioned that the processes of profiling and enforcement were lengthy by nature.
“The data available to SARS with respect to the Panama Papers is a useful starting point for further enquiry but will require substantial follow-up work,” Symington said.