When more than 13,4 million documents were illegally leaked from Appleby offices a year ago, they were dished out to certain investigative journalism institutions around the world.

One such recipient was local non-profit AmaBhungane.

On Sunday, when all of all the dirty dealings of the elite law firm were released under the name Paradise Papers, AmaBhungane offered up their own findings, which included a trove of high-profile South Africans and local institutions associated with the Appleby name – from BusinessLive:

Appleby’s long list of international clients include multinationals and high net worth individuals with links to SA, such as the largest JSE-listed commodities company, Glencore, and the country’s largest bank, Standard Bank.

While merely being an Appleby’s client, or simply being mentioned in the leaks, does not imply wrongdoing, the leak of information is likely to embarrass companies. In particular, South African banks that have offices in several secrecy jurisdictions, including Investec, will have to deal with the fallout from client records possibly being compromised in the leak.

Besides half a million records from Mauritius, the leak includes corporate records from the Isle of Man and the British Virgin Islands, in which a number of JSE-listed companies have subsidiaries.

The Paradise Papers include references to Shanduka — the company in which Deputy President Cyril Ramaphosa held a stake until 2014 — and a number of Glencore’s South African-born executives including CEO Ivan Glasenberg.

In a brochure for potential clients, Appleby brags about its role in “advising Standard Bank of SA on a $70m facility for the purpose of refinancing Zambia Sugar plc, a subsidiary of Illovo Sugar Limited”.

That loan to Illovo Sugar, which was listed on the JSE until February 2016, was the subject of a tax avoidance scandal after a report by nongovernmental organisation ActionAid exposed how Illovo used artificial structuring to dodge Zambian taxes. This meant Illovo paid an effective tax rate of 0.5% when Zambia has a corporate tax rate of 35%. ActionAid estimated that Illovo deprived the Zambian government of up to $3m in taxes – 14 times larger than British aid provided to it to combat hunger.

Shocking. I mean, not really, but you know what I mean.

You can read more about what the Paradise Papers are here.

Although further investigation into many of those named’s relationship with the firm is required, the number of connotations attached to tax avoidance – with the built-in secrecy historically attracting money-launderers, kleptocrats and politicians eager to hide bribes – is not a good look, even if they weren’t doing anything illegal.

If you’re one of the many South Africans who has an offshore account but are yet to come forward with your claims, bad news: the amnesty period is over.

While SARS was “quite satisfied” with the response from taxpayers and traders during the period, those who still need to apply are able to do so through the SARS Voluntary Disclosure Programme (VDP).

However, the process is a little more complex than usual and will require the assistance of tax professionals like Galbraith | Rushby.

Located in Woodstock’s Roodebloem Road, they can help you with any tax advice, as well as other services, such as auditing, accounting, bookkeeping, secretarial and payrolls.

A firm that provides the level of service you would expect from a massive firm, but at the price of small one, and with all the personal attention to detail – tick.

[source:businesslive]