What are Pandora Papers and their relation to South Africa taxes?

South Africa -A leak of 12 million papers that uncover hidden wealth, money laundering, tax avoidance by the world’s most influential and wealthiest people are called Pandora papers. More than 117 nations, including South Africa and more than 600 journalists, were engaged with the investigation, published to the world on Sunday.

It is one of the most significant collaborative investigations in the field of journalism. The information spill itself is unusual in its size and has guaranteed some notable scalps en route.

Many drug dealers, religious leaders, celebrities, and politicians have utilized shell companies or different strategies to conceal their riches and money in manors, restrictive beachfront property, yachts, and other resources, as per a survey of almost 12 million documents from 14 firms was located from around the globe.

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• What are Pandora Papers and their relation to South Africa taxes?

One of the inquiries raised after the leak is whether the speculations made by these individuals are legitimate according to the tax point of view. Louis Botha, senior partner at law office Cliffe Dekker Hofmeyr expressed that “From a South African viewpoint, it gives a chance to South African people who have investments offshore, or who expect to put money offshore in future, must ensure that such investments are made in agreement with all important South African assessment law.”

The tax authorities of many nations will have to select and carry out the Common Reporting Standard (CRS). The South African Revenue Service (SARS) will initially gather data from South African establishments that should report data to it under the CRS, and once collected, trade the data with the essential foreign tax officials.”