There are, for instance, the following:
- a company buys back shares from one or more shareholders for an aggregate amount exceeding R10 million and new shares are issued by the company within 12 months;
- the acquisition of shares in a company with an assessed loss exceeding R50 million;
- arrangements pertaining to consultancy and related services between a resident and a non-resident to the extent that the expenditure is anticipated to exceed R10 million.
However, there are still a number of offshore structures that do not need to be reported. This especially relates to the creation of foreign trusts in circumstances where the argument is that the control of the foreign trust does not vest in a South African resident. It has been announced that mandatory disclosure rules will be introduced to identify these type of structures and that they also need to be reported. Penalties will be imposed to the extent that these arrangements are not reported.