South Africa: Third-party data annual submissions for AEOI; clarification of U.S. TIN data fields under FATCA

Guidance under the FATCA and CRS regimes

Guidance under the FATCA and CRS regimes

The South African Revenue Service (SARS) announced the opening of third-party data annual submissions that are used for purposes of the automatic exchange of financial information (AEOI)—related to the FATCA and common reporting standard (CRS) regimes—for the period 1 March 2021 through 28 February 2022.

The test platform will go live 1 April 2022, and production submissions can be made from 16 April 2022 through 31 May 2022.

Read a March 2022 report [PDF 117 KB] prepared by the KPMG member firm in South Africa

In addition, SARS published a document clarifying the application of certain codes provided for the taxpayer identification number (TIN) data fields for U.S. reportable accounts under the FATCA Intergovernmental Agreement (IGA) between the United States and other Model 1 jurisdictions.

In particular, the document relates to codes developed by the Internal Revenue Service (IRS) for use in specific situations in which a foreign financial institution (FFI) is unable to obtain a U.S. TIN.

Read a March 2022 report [PDF 122 KB] prepared by the KPMG member firm in South Africa


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