CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. SARS Lists Examples Of EOI Non-Compliance

SARS Lists Examples Of EOI Non-Compliance

by Lorys Charalambous, Tax-News.com, Cyprus

18 February 2016


The South African Revenue Service (SARS) has issued a draft public notice listing incidences of non-compliance in respect of the Common Reporting Standard (CRS), the OECD's new automatic tax information exchange standard.

Provisions in the 2015 Tax Administration Laws Amendment Bill gave effect to provisions for the collection of information from South African financial institutions (FIs) under the CRS. The CRS reporting period commences on March 1, 2016. Reporting FIs are obliged to obtain the information required on foreign-resident account holders, and to submit that information to SARS.

The implementation of the CRS has also required additional legal mechanisms to be added, such as fines or other penalties where the required information is not provided. The draft public notice lists the examples of non-compliance that are subject to a penalty.

Those examples are: a failure by a reporting FI that has reportable accounts to submit a return as required; or to remedy the partial or non-implementation of a due diligence requirement within 60 days of its notification by SARS. In addition, these include a failure by holders of reportable accounts, or entities controlling such accounts, to comply with their obligations to provide information.

TAGS: South Africa | compliance | tax | tax compliance | law | banking | tax authority | legislation | penalties | Africa | Tax

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »