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SARS Updates Notice On Third-Party Returns

by Lorys Charalambous, Tax-News.com, Cyprus

03 November 2015


The South African Revenue Service (SARS) has issued, for public comment, a draft revision to its public notice that requires certain third parties to submit information returns for 2015 and subsequent years.

For example, banks, other financial institutions, and companies that issue bonds, debentures, or similar financial instruments, must report amounts paid or received in respect of interest for another person, and any tax withheld.

In addition, any person who has purchased livestock, produce, timber, ore, or mineral or precious stones from a primary producer, other than on a retail basis, must report monies paid in respect of the purchase, sale, or shipment of those items.

Financial instrument or policy issuers in respect of tax-free investments should also inform SARS of the amounts received by or accrued to individuals in respect of such investments, together with details of contributions and withdrawals.

Comments from interested parties have been welcomed until November 13, 2015.

TAGS: individuals | South Africa | compliance | tax | investment | tax compliance | tax authority | withholding tax | tax breaks | Africa

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