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
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.