South Africa: Final business requirements specification for FATCA, CRS

FATCA, CRS guidance in South Africa

The South African Revenue Service (SARS) on 24 June 2016 issued the final version of the business requirements specification for both FATCA and common reporting standard (CRS) submissions due by the end of May 2017.

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The business requirements specification provides guidelines on the submission of information under each reporting regime for financial institutions to follow for the exchange of information.

  • Pursuant to South Africa’s international AEOI obligations, SARS is required to exchange the information in September 2017.
  • Reporting on controlling persons of new entity accounts that are passive non-financial entity (PNFE) accounts for the 2016-2017 reporting period is optional. For the 2017-2018 reporting period, the reporting is to be completed by the end of May 2018. This provision will be mandatory for all such accounts opened after 1 March 2016.
  • The systems development and internal testing must be completed by January 2017. The trade testing with SARS will be open from 2 February 2017.

 

Read a June 2016 report [PDF 45 KB] prepared by the KPMG member firm in South Africa

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