South Africa and Turks and Caicos Islands Get Tax Agreement

South African Revenue Service

An agreement on exchange of tax information between South Africa and the Turks and Caicos Islands is in place.

The South African Revenue Service published notification of the agreement in Government Gazette 42021.

The Turks and Caicos Islands is an archipelago of 40 low-lying coral islands located in the Caribbean.

The agreement came into force on 21 September 2018.

Meanwhile, new commitments are in place between South Africa and Germany in terms of digital transformation and mobilizing private capital.

In a joint statement, treasury indicated that the key focus areas to benefit from the bilateral commitment are “renewable energy and climate protection, good governance and local development, skills development, and combating HIV & AIDS”.

Loan financing will also be provided to metros to “improve energy efficiency and water resources management in light of the increasing drought risk in the country”.

In a separate matter, treasury recently briefed both houses’ appropriations committees on the 2018 Division of Revenue Amendment Bill.

Responses to issues raised on provincial and local government finances during hearings on the 2018 Medium Term Budget Policy Statement were also provided.

Some of the responses include that treasury is working with grant managers to improve uptake of conditions that allow for funds to be used for maintenance and refurbishment at local government level, local government capacity building system to be reviewed, transparency of reporting on infrastructure projects to be improved and treasury committed to changing the culture of non-payment within government.

Sabinet Cape Town Office