The Minister of Finance in the 2016 budget speech reiterated South Africa’s commitment to combating tax evasion on a global level.
In addition to warning taxpayers that time was running out for “…taxpayers who still have undisclosed assets abroad,” the Finance Minister noted that international agreements on information sharing would soon “enable tax authorities to act more effectively against illicit flows and abusive practices by multinational corporations and wealthy individuals” and expressed confidence that that the South African tax authorities (SARS) would take advantage of the new “common reporting system”—indicating that SARS would be building on the expertise it already gained by the Large Business Centre (established in 2004).
Read a March 2016 report prepared by the KPMG member firm in South Africa: South Africa is committed to the Automatic Exchange of Information (AEOI)
Regulations to implement the common reporting standard (CRS) were published in March 2016. The regulations [PDF 359 KB] provide for general reporting rules, due diligence requirements for both pre-existing and new accounts, and definitions of terms.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.