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South Africa-San Marino DTA Enters Into Force

by Lorys Charalambous, Tax-News.com, Cyprus

31 January 2012


The tax information exchange agreement (TIEA) between South Africa and San Marino, which was originally signed in Pretoria on March 10 last year, entered into force on January 28, 2012.

The TIEA, which incorporates the internationally-agreed Organization for Economic Cooperation and Development standard for the exchange of information for tax purposes, gives both countries’ tax authorities a greater ability to exchange taxpayer information and to exchange that information on a wider range of taxes.

It also provides that a tax authority cannot refuse to provide information solely because it does not require the information for its own domestic purposes. Information provided shall include, for example, that held by banks and other financial institutions.

The agreement also includes means to ensure that due process is followed in tax information requests, including, for example, provisions to protect confidentiality of information. The TIEA will also adhere to public policy considerations and provisions related to protecting legal privilege and trade secrets.

A comprehensive report in our Intelligence Report series, examining in depth the situation of offshore transparency and secrecy in a number of the most prominent jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report2.asp
TAGS: South Africa | tax | tax information exchange agreement (TIEA) | law | agreements | legislation | San Marino | Africa

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