Acting SARS Commissioner Mark Kington and B-BBEE Commissioner Zodwa Ntuli singed a Memorandum of Understanding (MOU) on behalf of SARS and the B-BBEE Commission to share information and collaborate on matters related to B-BBEE and Tax Compliance.
Under the MOU SARS will , amongst others, share information relating to possible fronting practices or non-compliance with the B-BBEE Act while the B-BBEE Commission will provide SARS with information on suspicious illegal activities that may potentially impact revenue collection.
The B-BBEE Commission agrees in the MOU to provide SARS with information in relation to:
- Major B-BBEE transactions concluded
- Ownership and management control details relating to B-BBEE transaction entities
- Complaints received by the B-BBEE Commission concerning B-BBEE transactions; and
- Any other relevant information that will enable SARS to conduct checks on the service provider’s tax compliance.
The MOU is for a period of three (3) years and will be managed by a steering committee to be comprised of representatives from both parties.