SARS Casts the net at Trust Beneficiaries

Tags: MMS Trust Services Reading Time: 5 minutes New Era for Trust Reporting Requirements SARS has officially broadened its third-party reporting requirements to encompass trusts.  This was communicated in a Government Gazette notice issued on 30 June 2023. This...

EXPLAINED: Trust Beneficial Owner Declarations

Tags: MMS Trust Services Reading Time: 4 minutes Understanding Trust Beneficial Owner Declarations New regulations were introduced on 1 April 2023 that impact trusts, their beneficial owners, and accountable institutions. These regulations were outlined in the General...

SARS to implement 3rd party reporting on trust distributions

Tags: MMS Trust Services Reading Time: 3 minutes SARS currently requires 3rd party declarations of taxpayer activity from banks, financial institutions, medical aid schemes, attorneys, and estate agents. This declaration process is under discussion with affected...

Getting to grips with Trust deregistration

Tags: MMS Trust Services Reading Time: 4 minutes Understanding Trusts An essential characteristic of trust services is the registration with the Master within the area jurisdiction, which is determined by location of the largest portion of assets. Should the Trust...

How connected is our connection?

Tags: MMS Trust Services Reading Time: 4 minutes Connection is important throughout all facets of life and business. Even within the space of trust services, connected persons transactions can trigger anti-avoidance legislation provisions, impacting the trust, it’s...