South Africa: Guidance providing clarification for FATCA reporting TIN codes

Guidance providing clarifications on application of certain codes provided for TIN data fields for FATCA submissions

Guidance providing clarification for FATCA reporting TIN codes

The South Africa Revenue Service (SARS) issued updates to its guidance providing clarifications on the application of certain codes provided for the taxpayer identification number (TIN) data fields for FATCA submissions.

The updates align with U.S. Internal Revenue Service (IRS) Notice 2023-11 [PDF 100 KB], which provides relief to Model 1 foreign financial institutions that are unable to report missing U.S. TINs for pre-existing accounts.

Calendar year 2022 reporting (due by 30 September 2023) will be considered to be a transition year. Foreign financial institutions need to use either the TIN codes issued by the IRS in May 2021, or the updated codes to be eligible for the relief.

For reporting calendar years 2023 (due by 30 September 2024) and 2024 (due by 30 September 2025), Foreign financial institutions need to use the updated TIN codes, as applicable for their accounts, explaining the inability of the foreign financial institutions to report a U.S. TIN. The use of the updated codes will allow the IRS to better understand the reason behind the missing U.S. TINs.

Read a February 2023 report [PDF 535 KB] prepared by the KPMG member firm in South Africa


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