Gibraltar has signed a tax information exchange agreement with SA

Gibraltar has signed a tax information exchange agreement with SA, the Gibraltar government said on Wednesday. This was confirmed by the SA Revenue Service (SARS).

BUSINESS AS USUAL: Pravin Gordhan delivers the medium-term budget policy statement this week Picture: SHELLEY CHRISTIANS

"SA looks forward to future cooperation and assistance between our jurisdictions in this global endeavour, which is already reflecting major progress towards more transparency in tax matters." 

SARS said the TIEA with Gibraltar was based on the OECD (Organisation for Economic Co-operation and Development) model agreement, which was widely used internationally. 

"Now that the TIEA has been signed it will be presented to Parliament for ratification in SA. 

"It will enter into force once the necessary ratification and formal steps have been completed in both jurisdictions," SARS added. 

Gordhan said SA welcomed the signing of the Tax Information Exchange Agreement with Gibraltar "as these agreements provide jurisdictions with the legal basis for effective exchange of information, a vital function in the fight against tax evasion and unacceptable tax avoidance.

"SA looks forward to future cooperation and assistance between our jurisdictions in this global endeavour, which is already reflecting major progress towards more transparency in tax matters."

SARS said the TIEA with Gibraltar was based on the OECD (Organisation for Economic Co-operation and Development) model agreement, which was widely used internationally.

"Now that the TIEA has been signed it will be presented to Parliament for ratification in SA.

"It will enter into force once the necessary ratification and formal steps have been completed in both jurisdictions," SARS added. 

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