South Africa, US sign tax agreement

first_img10 June 2014 An intergovernmental agreement to improve international tax compliance was signed by South Africa and the United States on Monday. The agreement, which promotes transparency between South Africa and the US on tax matters, was signed by Finance Minister Nhlanhla Nene and US ambassador to South Africa Patrick Gaspard. It aims to realise the Foreign Account Tax Compliance Act, a US federal law that aims to combat offshore tax evasion by encouraging transparency and obtaining information on accounts held by US citizens in other countries. “South Africa is committed to automatic exchange of information for tax purposes and to make the world a more transparent place from a tax perspective,” Nene said. “This commitment has been expressed through South Africa’s role in both the G20 and the Global Forum on Transparency and Exchange of Information for Tax Purposes.”Collaboration The Act calls for foreign financial institutions to provide the US Internal Revenue Service (IRS) with information about American account holders. Gaspard, who signed the agreement on behalf of the US, said the signing of the agreement was an important step in the collaboration between both countries to combat tax evasion. “When taxpayers overseas avoid paying what they owe, other taxpayers have to bear a disproportionate share of the tax burden. The intergovernmental Agreement to Improve International Tax Compliance and to implement the Act is an important part of the US government’s effort to address that issue.” In July 2012, the US introduced the option of a country entering into an intergovernmental agreement, which would alleviate the need for financial institutions to enter directly into an agreement with the US.Reciprocity The Agreement to Improve International Tax Compliance and to Implement the Foreign Account Tax Compliance Act between the US and South Africa is a reciprocal agreement, which ensures that financial institutions in South Africa will report information about US account holders to the South African Revenue Service (SARS). SARS will in turn relay that information, by means of automatic exchange of information to the US Internal Revenue Service under the Double Taxation Convention in force between the US and South Africa. The IRS will provide similar information about South African account holders in the United States to SARS. Source: SAnews.govlast_img read more

Broadband Speeds Increase Around the World – But Not in the U.S.

first_imgWhy Tech Companies Need Simpler Terms of Servic… IP Addresses: U.S. Leads but China is Catching UpAkamai’s quarterly report also notes that the number of unique IP addresses increased by about 4.5% globally since the second quarter of 2009. The U.S. is still home to the largest number of unique IP addresses, but China is catching up quickly. In total, the U.S. was home to just over 119 million unique IP addresses in Q3 2009. With 49 million IP addresses, China is currently a distant second, but the number of Chinese IP addresses increased by 30% compared to Q2 2009, while U.S. addresses on increased by 9%.Attack TrafficAkamai also looked at where most of the traffic from botnets and other attack traffic originated from. Russia (13%) is currently the source of most of this traffic, followed by Brazil (8.6%) and the U.S. (6.9%). On a positive note, it’s important to note that attack traffic from the U.S. declined from 15% compared to Q2 2009. Attack traffic from China declined even more. In Q2 2009, 31% of all of this traffic originated in China. Now, China is only responsible for about 6.5% of all attack traffic. Most of these attacks (78%) target port 445. On Windows systems, port 445 handles local printer and file sharing traffic. Looking at data from the third quarter of 2009, content delivery network Akamai just announced that the average broadband speed in the U.S. declined by 2.4% in the third quarter of 2009 compared to the same quarter in 2008.In the U.S., Delaware currently leads with 7.2 Mbps, though it remains far behind South Korea, where the average speed is almost 15 Mpbs. Currently, the U.S. is in 18th place, far behind Japan, Hong Kong, Romania and Sweden. The average U.S. broadband speed is currently 3.9 Mbps. If you are looking for a fast Internet connection in the U.S., Sandy, UT and Iowa City currently offer the fastest connections. Delaware (7.2 Mbps), New Hampshire (5.9 Mbps) and Massachusetts (5.9 Mbps) are the top 3 states on Akamai’s list. The states with the fastest average broadband speeds can all be found on the East Coast. It is interesting to speculate why average speed in the U.S. declined over the last year. Chances are that a lot of people downsized their connections during the economic downturn. If you have a theory, let us know in the comments. 8 Best WordPress Hosting Solutions on the Market A Web Developer’s New Best Friend is the AI Wai… frederic lardinois Top Reasons to Go With Managed WordPress Hosting Related Posts Tags:#news#web last_img read more