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The South African Revenue Service (SARS) has disclosed that it has committed to the automatic exchange of tax information by September 2017 with the tax authorities of over 50 other jurisdictions under the OECD's Common Reporting Standard (CRS).
SARS said that number would grow to over 100 by September 2018.
It noted that the adoption of the CRS obliges South African financial institutions (FIs) to report information to SARS by May 31, 2017, on clients that are not tax resident in South Africa. The data, relating to the financial year from March 1, 2016, to February 28, 2017, will then be re-packaged by SARS and transmitted to the relevant revenue authorities.
Pursuant to legislative amendments to the Tax Administration Act (TAA), FIs are instructed on what financial account information should be reported, the different types of accounts that are covered, and the due diligence procedures to be followed.
SARS advised taxpayers that they may be contacted by their FIs to declare their tax residence, in South Africa or in another jurisdiction. It is a requirement of the TAA that taxpayers should provide this information.
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