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.
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