The Guptas want to move their cash out of SA to the Middle East - report

The Sunday Times reports that the Gupta family approached various law firms to get advice on how to move their billions to the United Arab Emirates.

Graeme Hosken , senior reporter at The Times, confirms that the Guptas are looking for ways to move money out of South Africa and not be taxed for it.

Hoskin mentioned a treaty which was signed between the UAE and South Africa in 2015 which allows SARS to claim a once-off 18% exit tax on South African's local assets and income when they leave the country.

With this treaty, SARS will lose all taxing rights after the Guptas have moved their money, says Hoskin.

The problem is that the treaty that we signed goes against best practices with the organisation of economic operations of development.

Graeme Hosken , senior reporter at The Times

Keith Engel, CEO at South African Institute for tax professionals, says the signatures that are on the treaty are that of former SA Finance Ministers, Nhlanhla Nene and Pravin Gordhan, who are not friends of the Guptas.

He says he doesn't believe it was signed with the motive to benefit the Guptas.

The real problem with tax treaties is that it's about politics above the tax system.

Keith Engel, CEO at South African Institute for tax professionals

To hear more of this interview, listen below:


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